Day Trading Guide
The journey from the low of 7894 in lateDecember has yielded returns of 13% so far and with RIL waking up from a deep slumber, Nifty managed to sustain above Tuesday’s breakout trade (i.e. 8900). Meanwhile, intraday charts of Bank Nifty suggests that it is in the last leg of bullish Gartley Harmonic pattern. So, a decline towards 20300 could be possible. Possibility of double top on the index and presence of gann pressure point around 8978 advocate’s caution. However, given the buoyancy on the Dalal Street and as long as there is no evident sign of trend reversal on the index, traders are advised to not create any short positions.