In line with what was anticipated in the previous weekly technical note, the Indian equity markets witnessed profit-taking bouts from higher levels along with spikes in the volatility that is hovering around one of its lowest levels of recent months. It was also expected that the current uptrend might stand disrupted and the markets may slip under corrective consolidation. The trading range again got narrower; against 499 points in the week before this one, the NIFTY oscillated in a 232.75 points range. Though the directional bias on either side was not dominant, the overall move stayed with an inherently negative bias. The headline index closed with a net loss of 88.70 points (-0.45%) on a weekly basis.
