In the previous technical note, it was mentioned that the markets are prone to some consolidation and corrective retracements due to the technical setup on the charts. It was also mentioned that the precariously low levels of volatility are something that needs to be kept an eye on, and this also can keep the markets vulnerable to sharp profit-taking bouts from higher levels. While trading in line with this analysis, the past 4 out of 5 sessions saw the market going through corrective declines. The trading range also widened on the expected lines; the Nifty oscillated in a 537-point range over the past week. The headline index closed negative losing 518.10 points(-2.57%) on a weekly basis.
