Week Ahead: NIFTY Tests Crucial Supports; May Weaken If These Levels Are Violated

The markets traded with a negative bias throughout the past week as Nifty faced consistent selling pressure at higher levels and closed the week on a weaker note. After opening on a subdued note, the Index marked an intra-week high at 24,956.50 and a low at 24,535.05, oscillating in a narrow 421-point range. Volatility increased as India VIX rose by 6.21% to 11.98. Ultimately, Nifty closed the week with a net loss of 271.65 points or 1.09%. The markets have ended on a negative note for the fifth consecutive week.