The markets continued with their unabated upmove in the week that went by and ended once again with net gains. While continuing with the advance the Nifty 50 Index extended its move higher. However, as compared to the previous week, this time, the trading range got narrower as the Index oscillated 408.30 points against 824 points. This can largely be attributed to the absence of volatility. Against an increase of 4.72% as compared to the previous week, this week, India VIX came off by 8.02% to 12.69 on a weekly basis. While staying tentative at higher levels, the headline index closed with net weekly gains of 313.25 points (+1.30%). Despite the up moves getting extended, the markets also continue to show signs of an impending consolidation at higher levels. The 24350-24450 zone stays a strong resistance area for the markets as indicated by the options data. We may not see…
