The previous technical note categorically mentioned that the persistent low levels of VIX remain a cause of concern and a violation of 19400 can trigger a fresh downside for the markets. Quite on the expected lines, the NIFTY remained under severe corrective pressure in three out of the past four sessions. The weakness in the equities was fuelled by macroeconomic factors, US bond yields showing a sharp spike, and rising geopolitical tensions in West Asia. The NIFTY traded in a wider 719-point range and went on to close with a net loss of 495.40 points (-2.50%) on a weekly basis.
