Markets opened on a subdued note

Markets opened on a subdued note, traded with extreme choppiness but managed to close with marginal loss
.On the daily charts we are witnessing two consecutive candles with a narrow range body on the upward slopping
trend line. This suggests indecisiveness prevailing at current levels. If indices trade convincingly below 16800 /
5000 levels then it is likely to test 16800 – 16650 / 4980 – 4950 levels. However, if indices manage to trade
above 17000 / 5070 levels in the early hour of trade then we could witness a bounce up to 17064 -17132 / 5092 -
5115 levels.