The Nifty bounced back sharply from the recent low of 15,184 and closed the week by 2.65% at 15,699.3. The Nifty has formed a bullish candle on the daily and weekly chart, which signals positive momentum to continue in the near term.
The Nifty has provided a positive trend line breakout above 15,680 levels. The Nifty has also closed above its 9-day simple moving average of 15,526.3. The Volatility index India VIX settled at 20.55 levels and indicates the volatility will remain high as long as the VIX trades above 18 levels.