In the previous weekly technical note, it was mentioned that the markets may continue to stay in a trading range until they trade below the crucial 18300 level which is one of the major resistance points on the chart. Over the past five days, NIFTY not only remained below this point but tested crucial support levels on the daily chart multiple times. The last trading day of the week once again saw the index rebounding from lower levels. The trading range remained modest; the index oscillated in a 379 points range throughout the week. The benchmark index finally closed with a modest gain of 97.15 points (+0.54%) on a weekly basis.
