Week Ahead: Mild Pullbacks Likely; NIFTY Continues To Remain Vulnerable To Sell-offs At Higher Level

Jul 13 08:07 2019 Print This Article

After having resisted to the resistance area of 11800-11840 for seven weeks, the markets loosened up a bit in the week that went by while ending with losses. NIFTY spent a previous couple of weeks in a defined range as it remained indecisive and did not make any convincing directional call. This week, the NIFTY witnessed some increased corrective pressure from higher levels and ended with a net loss of 258.65 points (-2.19%) on a week-on-week basis.

The NIFTY has ended below the 20-Period MA on the weekly charts. The India Volatility Index – INDIA VIX presently trades at its multi-month low level after having declined another 8.17% to 12. The VIX trading at one of its lowest points in recent past and the markets continuing to remain near its higher band do not paint a pretty picture for the coming days. There are higher possibilities of the NIFTY drifting lower and also volatility increasing in the near term.

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