Nifty has been trading within a range of 200 points with high volatility for the last couple of trading sessions.

Prices, on the daily chart, have taken resistance at 141.40 percent Fibonacci extension which is placed at around 15,232 levels from its previous intermediate low of around 13,596 levels.

On February 10, the benchmark index traded flat and swung both ways through the day.

Later, in the final 30 minutes, it recovered almost a hundred points from the low and closed near its previous day’s closing price.

In the previous week, we witnessed some extraordinary bullish momentum where the index closed almost nine percent higher.

So, for this particular week, the index is likely to take a breather and most likely will consolidate within a very narrow range with a pinch of volatility.

On the daily chart, the index is trading within a rising channel formation and has currently halted near the upper band of the said pattern.

We are not getting any clear signal from the India VIX as it is reading in the range of 15 -25 (10 points).