Banking Leads the Rally but Markets Remain Dull

The Indian benchmark indices have been experiencing a mixed trend recently with the NSE benchmark Nifty 50 slipping below its 100 DMA and forming a sizeable bearish bar on Monday. Since then, the index has largely remained range-bound with its inability to sustain above the key resistance zone of 17,800-17,900, leading to volatility in the market. Overall, the price action following the Monday session has been capped within the high and low range of Monday’s candle, resulting in what is known as a ‘mother-candle’ pattern.