It was the third week in a row that the markets extended their gains; the NIFTY had staged a breakout when it crossed above the 18880 levels. This has resulted in the NIFTY closing at yet another lifetime high. This has taken the markets into a mildly overbought zone; however, in the process, the index has raised their supports higher. The trading range remained modest; NIFTY oscillated in a 268.25 points range in the past five sessions. While extending the move higher as mentioned, the headline index closed with a net gain of 232.70 points (+1.20%) on a weekly basis.
