In the previous edition of the technical note, it was mentioned about the persistently low levels of INDIAVIX, the volatility gauge, and how it can leave the markets vulnerable to profit-taking bouts. The week that went by saw the first cracks appearing in the frontline indexes that may have put an intermediate top in place for NIFTY subject to confirmation on the charts. After trading largely in the positive, the index gave up all its gains on the last trading day. The trading range also remained narrow; NIFTY oscillated in the 225.05 points range through the week. While closing near the low point of the week, the benchmark NIFTY index closed absolutely flat with a negligible gain of just 4 points (+0.02%) on a weekly basis.
