Day Trading Guide
The weekly price action formed a Doji like candle encompassing within last weeks bear candle, indicating range bound activity amid positive bias. As a result, the index continued to oscillate in the vicinity of 200 day SMA over tenth consecutive week, suggesting prolongation of consolidation, leading index to approach apex point of contracting triangle. Meanwhile, the Nifty has not corrected for more than three sessions, since October 2018 low (10005). In current scenario, as it has corrected for last three trading sessions, we expect index to maintain the same rhythm, in turn signifying buying demand to emerge in next couple of sessions.