The benchmark indices on December 29 saw a sideways opening and remained sideways the entire day. Global peers were a mixed bag. It seems that everyone is waiting for some news to react on. The current situation seems like a stall mate scenario.

The range of 17,000-17,300 is very tight and bulls and bears are defending their respective territory very strongly. The major averages are flatting out. It shows that upper side move will be limited though downside also kept near to 17,000.

Till the said range is in progress, there won't be any big move. The breakout and its follow-up will decide a further course of action in the market.

Bank Nifty, the major component of the index is underperforming broadly. It is the major hurdle in further progress for Nifty.