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Below On Quote Market  by Mr. Rohan Patil, Technical Analyst, SAMCO Securities

Nifty-50 once again could not capitalised on its opening gains and continued to trade in a lower low lower high formation on the lower time frame.

On 2–hour chart Nifty is trading in a triangle pattern and on 16th January, prices faced a resistance near the upper band of the pattern, which is placed at around 18,050 levels and post that selling was witnessed.

Prices are trading below its 9 & 21 EMA and the momentum oscillator RSI (14) is reading in a range between 50–35 levels. All these indicates that slow and steadily bears are tightening their grip on the market with increasing strength.

The Triangle pattern on charts suggests Nifty is stuck in a No – Trading zone, unless it breaks above 18,150 or below 17,775 levels.

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