After ending with gains for three weeks in a row, the markets took a breather this time by ending modestly in the red. In the previous technical note, it was mentioned that the Nifty is not only over-extended on the shorter timeframe charts; the VIX is also hovering around one of its lowest levels seen in the recent past. It was also mentioned that at any point in time, the indices may look to correct; if not sharply, then at least modestly. The trading range remained in line with expectations; the index oscillated in a 309-point range through the week. After consolidating for the major part of the week and coming off from its high point, the benchmark index NIifty ended with a net loss of 203.95 points (-1.14%) on a weekly note.
