The Nifty50 on the daily time frame is trading near the upper band of the rising channel pattern and currently facing a stiff resistance of its overhead trend line which is placed near 15,450 levels.
The Nifty50 on 17th Feb witnessed a minor gap-down opening and traded in a narrow range for the first initial hours and later on price slip below 15250 levels and continued its lower low formation on the smaller degree chart (15 mins).
The benchmark index has almost completed a 161.80 percent Fibonacci price extension from its previous intermediate bottom on the daily time frame.
Currently, India VIX is reading within the narrow range of 20.50 -22.50 on the daily chart. Meanwhile, INDIAVIX continues to settle below its 21-day exponential moving average which indicates volatility is losing its grip.
Higher high higher bottom formation continues in the BANK NIFTY where prices registered their lifetime high levels of 37708.