Day Trading Guide
Despite forming consecutive lower high / low on Wednesday, Nifty recouped intraday losses to settle on a flat note suggesting intraday dips getting bought into. However, a deterrent trend seen among sectoral indices on account of stock/sector-specific action. RSI line on daily chart, continued to hover beneath recent peak of 75.20, which indicates index is losing momentum on upside. Still, there are no significant signs of reversal visible on price chart. Outlook is likely to remain positive as long as support of 8700 is defended on downside.