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Below is quote on The indecisive action continues in a slender range by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

Market started today’s session on a sluggish note, but still it was certainly not as bad as the SGX Nifty was indicating . Nifty retested 17900 in the early morning trades which was then followed by some consolidation. Post the mid-session, we witnessed a decent recovery in some of the heavyweights which pulled the index beyond 18000 to mark a flat close one day ahead of the weekly expiry.

Although we had a decent recovery post the nervous start, overall there was no major action seen in the benchmark index. We once gain had a neutral close around 18000 which keeps the chart structure unchanged. Hence the view and the levels remained the same a mentioned in the previous commentary. On an immediate basis 18100 – 18200 should be seen as crucial resistances; whereas with a broader view, 18350 stands to be a crucial level which if gets surpassed, Nifty could see new highs thereafter. But till then one should continue with a ‘Sell on rise’ strategy. On the flipside, 17950 – 17850 are to be considered as key supports. Traders are still advised to stay light and even if one wants to focus on individual stocks, a proper money management is must to follow.

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