NIFTY Index Chart Analysis

Volatility Spikes, Support Holds: Nifty 50 at a Technically Crucial Juncture

Following a strong upmove in the week before last, during which the Nifty 50 Index surged by around 4.5 per cent, the index adopted a more consolidatory tone during the mid-week trading sessions as the daily range narrowed below its 10-day average. However, Friday witnessed a sharp expansion in the daily range, which nearly doubled and led to the filling of the gap that had been created at the start of the last week. A sharp sell-off saw the Nifty 50 giving up more than 300 points from the week’s high. Despite this decline, the index managed to close the week above the 24,000 mark with modest gains of 0.79 per cent. Volatility also resurfaced, with India VIX spiking by 10.93 per cent to 17.16.