In the previous technical note, it was categorically mentioned that given the unabated upmove in the markets, they have risen near-vertically. This has caused the Indices to deviate greatly from their mean making them overextended and prone to violent profit-taking bouts. While weekly, the markets have just consolidated, but on the daily charts, they saw a strong profit taking bout in the middle of the week. The index found itself having traded in a 616.20 point range. Following seven weeks of straight gains and a very choppy trade over the past five sessions, the headline index closed with a modest weekly loss of 107.25 points (-0.50%).
