Angel Broking, Range bound activity likely to continue

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Sensex (18269) / Nifty (5486)
In our previous Weekly report, we had mentioned that on the
Daily chart, there is no confirmation of a higher top higher
bottom formation. Hence, we are of the opinion that indices
may witness a range-bound activity at 17786 - 18673 / 5328
- 5605 levels. The week began on a positive note and made a
high of 18546 / 5570 level, after which we witnessed a range
bound activity in the mentioned range.
The Sensex and Nifty ended with marginal loss of 0.6% vis-àvis
the previous week.
Pattern Formation
􀂄 On the Weekly chart, for two consecutive weeks we are
observing two "narrow range" body formations, which indicate
indecisiveness prevailing at current level and gives no clear
direction of trend.
Future Outlook
Broadly, we are witnessing that indices are trading in a range
of 17786 / 5328 level on the downside and 18673 / 5605
level on the upside. Any decisive break on either side would
 dictate the direction of the trend. A close above 18673 / 5605
level would confirm a higher top higher bottom formation on
Daily chart. Then indices may witness up side momentum and
test 18798 - 19037 / 5636 - 5709 levels. On the downside,
18200 - 17786 / 5458 - 5328 levels remains a crucial support
for the week