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Below are Quote on Indices locked in range due to expiry, weekly close could determine the trend by Mr. Ruchit Jain, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Nifty opened marginally higher and traded with a positive bias during the day. The index managed to end tad below 15800 with gains of over 100 points.

Although Nifty posted gains of 100 points, it was more of a day of consolidation with the range of 15700-15800. The index was managed by the IT stocks which posted good outperformance, while the heavyweight RIL witnessed some pressure ahead of its AGM. It seems that it was more due to the F&O expiry that the indices were locked within a range and there was no major move in today’s session. In last couple of weeks, we had initially seen a price wise correction in Nifty where it corrected from 15900 to 15450; and now the index seem to be going a time-wise correction. It just seems to be a corrective phase within an uptrend and unless any negative development seen, our market should be geared for a resumption of the uptrend soon. The IT heavyweights have shown good strength today but all eyes would now be on the banking space which could play a pivotal role in driving the index. After a sharp upmove at the start of the week, the Bank Nifty has consolidated for three sessions, and if the momentum resumes at the close of the week then it could result into a resumption of the momentum in the market.

The immediate support for Nifty is placed in the range of 15700-15670 while resistance is around 15900 mark. A breakout beyond these boundaries would then lead to a directional move and hence, trader should be vigilant on the mentioned levels.  

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