In the previous technical note, while analyzing the patterns of the Nifty’s weekly chart, it was mentioned that the Index has achieved a full throwback. This occurs when the instrument gives up the breakout gains entirely and retests the original breakout point which acts as a strong support, at least once. Nifty ended up testing the 18850-18900 zone in the week before this one. The markets had a copy week with it swinging both ways. It has made a strong attempt and has held the previous week’s low of 18837 and formed a higher low. The Nifty traded in a 336-point range and has attempted to find a base for itself. In the end, the headline index closed with a net gain of 183.35 points (+0.96%) on a weekly basis.
