Some serious consolidation continued in the markets as the Nifty oscillated in a defined range before closing the week with modest gains. Examination of daily charts shows that the Nifty tested its 50-DMA again and rebounded from that level while defending that point as important support. The trading range widened a bit. The Nifty Index oscillated in a 538-point range over the past five sessions. While staying largely under broad but defined consolidation, the headline index closed with a net gain of 258.20 points (+1.19%).
