In yet another wide-ranging week, Nifty oscillated in a 400-point range and ended with a modest cut. In our previous weekly note, we had raised concerns about Nifty failing to confirm an attempted breakout. Though Nifty is facing resistance in the critical 12,000-12,040 zone, it remains in the upper band of the broader trading range. From the peak, VIX has corrected 51 per cent, while Nifty remains at elevated levels.Along with this, fractured market breadth will prevent any sharp surge in the index. In the above chart, they show relative performance as against Nifty500 Index (broader market) and should not be used directly as buy or sell signals.

Source: Economic Times June 15, 2019 07:19 UTC