Volatility status for the whole week-:
Nifty and Sensex ended on flat note in the week ended February 16. It has been a volatile truncated week as the benchmark indices have been dancing to the tune of global equity indices.The highlight of the week is the Punjab National Bank (PNB) fraud case and because of this the Bank Nifty index remained under pressure during the week, which also dampened the sentiment across the street.
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Gitanjali Gems saw severe selling pressure after the company came under scanner of various investigating agencies following Punjab National Bank'sfraud detection. Its market valuation went down by Rs 300 crore in the last three trading sessions.
"Going forward, it is crucial that Nifty manages to break either of the 10400 or 10600 levels before we could see any specific direction being established, said Hadrien Mendonca, Senior Technical Analyst at IIFL.
The index consolidated throughout this week, a pattern which is likely to continue in the coming week as well unless it breaks above 10600.
253 stocks has touched the 52-week high including Adani Enterprises, Ashok Leyland, Bharat Forge, HCL Infosystems, Mastek, L&T Infotech, while 183 stocks touched 52-week low including Corporation Bank, DB Corp, Dena Bank, Gitanjali Gems, Force Motors in the week ended February 16, 2018.
However, the Nifty is stuck in a narrow trading range between 10400 to 10600 levels for the past seven days.