In the truncated week, the markets largely wore a corrective look as the key indices lost ground during the week. In the previous technical note, it was mentioned that on the one hand, no runaway moves should be expected, and on the other hand the support for Nifty exists much below at 20-week MA. The markets ended up trading precisely on the expected lines. Not only they did not move higher but also ended up testing the mentioned support level. The trading range got wider as the Nifty oscillated in a 649.80-point range during the truncated week. The volatility spiked; India Vix surged by 16.69% to 13.46. The headline index Nifty closed the week with a net weekly loss of 372.40 points (-1.65%).
