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

Benchmark Index on 11th January, opened near its previous day close and traded with a super volatility through the day within the narrow range. If we consider last four trading sessions’ trading set up, we observe a bullish harmonic pattern near 17,800 levels and prices have respected the low of the pattern as for now.

On the 2 -hour chart, the triangle pattern is visible in the range of 18,150 – 17,750. We can expect a high level of volatility within this range as India VIX is also reading above 15 levels. Prices are expected to swing both ways until and unless they witness a break on either side of the triangle pattern.

Currently traders would be advised to wait patiently for the prices to break above 18,150 or below 17,800 levels to initiate next actionable move because presently market is in no trading zone.

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