Markets face challenging setup; focus on resilient stocks for safety
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The over-deviated markets continued to extend their losses for the fourth week in a row. Over the past five days, barring a few feeble attempts to stage a technical rebound, the Nifty remained largely under sustained selling pressure. The markets extended their downsides while giving up key supports on the daily charts. The trading range widened again; the Nifty oscillated in a wider 904-point range before ending with a decent cut. The volatility also spiked; the India Vix surged by another 12.23% to 14.63 on a weekly basis. Following a largely bearish setup throughout the week, the headline index closed with a net weekly loss of 673.25 points (-2.71%). ETMarkets.com The coming week is a truncated one; Friday is not a trading holiday but it will just have a very short, one-hour ceremonial Mahurat Session. Overall, the volumes are expected to remain low given the festive season. The Nifty has violated the 100-DMA on the daily chart which s...