Dalal Street Week Ahead: Uptrend intact on weekly charts, selective profit-taking likely ahead
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The markets traded with a positive bias through the past week as Nifty continued to inch higher while consolidating within a defined range. The index oscillated in a 462-point band during the week, marking a low of 25,878 and a high of 26,340 before settling at a lifetime high of 26,328.55, ending with a weekly gain of 286.25 points or 1.10%. Meanwhile, volatility slightly edged higher; India VIX rose by 3.28% on a weekly basis to close at 9.45, still at historically subdued levels. Agencies Nifty’s current technical setup remains firmly bullish, but the index appears to be grappling with some congestion just below the upper Bollinger band. It remains in a strong uptrend, trading above all key moving averages. However, momentum has moderated as the index trades at lifetime highs, hinting at possible fatigue unless new triggers emerge. There is no immediate sign of weakness, but the markets are dealing with short-term overextension, and mi...