It is still a trading range.

The Nifty has spend 15 trading days moving inside this range – 2700 to 2875. Thanks to increase in volatility, there is a sense that the markets are moving a lot. but, the truth is : the markets are where they were. Since they move up and down, day after day, there is a sense of movement. This is a deception, as the market remains inside a narrow trading zone.
Sooner or later this range will break. A move outside the range should provide a trending move, so watch these range levels.
Banks charts are cause for worry. The Bank Nifty seems to have made a bearish flag and broken down from flag support, today. Flags are made half way in a trend. based on this principle, the bank Nifty (close at 4240) may be heading towards 3000. Of course, the pattern could fail and my analysis may be wrong. But, still…
Take care.

Good Morning, Monday

For the Nifty:
A trading range between 2700 and 2875 was on the verge of being taken out. The Nifty closed at 2874, just ready to breakout. An up move should see a pattern target of 3050, while the failure to go higher will mean that the Index remains in that trading range.
DayTraders: Possible trades (1) Gap trade: A gap down then a rally. or (2) Breakout / breakdown from intra day consolidation.
Swing Traders: It may be wise to close any long positions. If there is a breakout, a ‘dip’ can be used to reenter.
Position Trades in individual stocks: Not a good day to buy since most strong stocks were rallying in previous 2-3 days.
Disclaimer: These are suggestions, not trading advice. Short term trading requires large amounts of capital, ability to suffer losses and discipline. Only professional traders should be trading.