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From a technical perspective, the high point of 19,991 has now become an intermediate top for the markets. In the process of retracement from higher levels, Nifty has also dragged its resistance down to 19,750 levels. This makes the zone of 19,750-19,900 a strong resistance area for the markets unless taken out comprehensively.
In our previous weekly note, we had projected the market to show limited upsides and talked about the possibility of Nifty slipping into the consolidation mode. The week gone by remained quite volatile and Nifty oscillated in a violent and volatile way for the first four days of the week, showing no clear directional bias. Just when it was consolidating on the expected lines and in a defined range, a spike in US bond yields on Thursday caused severe weakness in the market on the last day of the week, turning it into one of the worst performances in recent times. At the end, the headline Nifty...
Nifty has again deviated from the mean too much and it stands overstretched now. The volatility, which rose over 25 per cent during the week before this one, cooled off a bit as INDIA VIX came off 2.04 per cent to 19.56.