We have seen this before.

In the month of July – September 2008, a trading range developed on the Nifty which lasted for seven weeks, between July 3 and September 12. The range was narrow. Boundaries were 4200 as support and 4550 as resistance. Eventually the Index fell down breaking support. This led the the eventual decline below 3000 (as we are now).

A similar range is now developing in the Nifty. Between Janaury 12 to feb 4, the Index has moved in a 175 point range, with support 2700 and resistance at 2875. For all we know, this process may continue on. Eventually, the Index will break out or breakdown. The move out of the trading range should provide a trend, whichever way it breaks.

Position Trading or Day Trading ?
Day trading is a difficult task, because of the rapid response required from traders to enter as well as exit positions. Day Trading also requires extrensive research and studies for the development of your trading systems.
Position Trading is less stressful since decisions are made less frequently (as compared to day trading). As a Position Trader, you probably rely on end of day charts for trades. Trades are analyzed and decisions made after trading hours (probably late evening or early morning).
Another category is that of a swing trader. You need access to intra day charts to swing trade. Trades last between a few hours to a few days.
Capital required.
Trading requires capital. Whatever style of trading you follow, you MUST be adequately funded. As a position trader, you will have less quantity (compared to a day trader) because your stops will be wider. In all trading styles, there are periods of opportunity, periods of drawdowns and stagnation. That’s part of business.