Markets trading in narrow range - Angel Broking

Yet another session ended with lackluster movement; but the intraday bias remained marginally positive. Since the last 2 trading sessions, indices are oscillating within the mentioned trading range of 19950 – 20100 / 6050 – 6125.

We are now observing a ‘Narrow Range' body formation on daily chart. This indicates uncertainty among market participants. Hence, considering this formation, we are of the opinion that if indices sustain below yesterday's low of 20056 / 6065, then we may witness some intraday pessimism in the market.

In this case, a correction towards the 19918 / 6025 levels can be expected. On the flipside, a sustainable move and close beyond 20163 / 6094 would negate the bearish implication of this pattern.

Source : Equity Bulls

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