Although the market stayed flat on a week-on-week basis, the past five trading sessions showed all possibilities of the market continuing with its corrective retracement. In the previous technical note, it was categorically mentioned that India VIX had closed at a precariously low level, and that had left us vulnerable to profit-taking bouts. On Thursday, as the markets saw a strong profit-taking wave, VIX surged over 12% only to come down the other day. The trading range was narrower; the Nifty oscillated in the 274.55 points range before closing flat with a minor loss of 35.95 points (-0.18%) on a weekly basis. The monthly performance remained strong; despite coming off from the high point of the month, the headline index gained 384.50 points (2.00%) in September.
