Week Ahead: NIFTY May Continue Showing Resilience; Broader Markets May Relatively Outperform

An attempt to break out of a month-long consolidation fizzled out as the Nifty declined and returned inside the trading zone it had created for itself. Over the past five sessions, the markets consolidated just above the upper edge of the trading zone; however, this failed to result in a breakout as the markets suffered corrective retracement. The trading range stayed wider on anticipated lines; the Index oscillated in a 749-point range over the past week. The volatility rose; the India Vix climbed 3.08% to 15.08 on a weekly basis. The headline Index closed with a net weekly loss of 284.45 points (-1.14%)