The pattern is: A narrow range day combined with a DOJI. The narrow range day suggests indecision in the market, neither the bulls nor the bears could move the market much, keeping the market in a narrow range. The DOJI suggests - you got it - indecision, where the open and the close for the day were nearly the same suggesting that neither bulls nor bears could move the market in their direction.
Now, this state of equilibrium is not going to last for long. Either the Bulls will have it, or the Bears. Short term traders should go with the winners in this skirmish. An easy way to follow the leaders is to buy above the highs of today - above 4185, or sell below the lows - 4115, whichever event happens.
Early warning on how the market may behave will be available tomorrow morning when Infosys announces its Q1 results. The stock price has gone up from 1250 in April to 1800 currently, in anticipation of better results. If Infosys guidance is not optimistic enough the market may not like it.
This is my second post for the day. Just below the post that you are reading is the first post : The Nature of bear market rallies.