Market in no-trade zone

The market does not hold up on the way up but it also is not breaking down. So, it is not giving anything to play for the bulls or the bears and that leaves the market in a no-trade zone as we get into today's session because 5,950 has not conclusively broken down.

It is true that the market is looking extremely dissipated, sapped of energy and it is unable to make it pass 6,000 level. However, over the last couple of days it has also been threatening to breakdown 5,950 on the way down and that is also not happening. Yesterday we went there a couple of times but could not break below that. Therefore, it is a strange situation where neither the bulls nor the bears can trade with any conviction or with any large positions on the way up or on the way down. Now the range has got even more compressed about 50 odd points depending on what the global outcome is over the next few hours. We will get nudged out of this very narrow range and hopefully it might happen today. Yesterday traders left guessing in no-trade zone on whether we are breaking down or is this just a process of a grind, which will end on a sideways outcome for the market without any great directional thrust.