The benchmark index Nifty has been in a consolidation mode for the second consecutive week, trading in a narrow range.

Nifty made a unique and rare move last week, moving in a 2,057 points range and forming a 2,008 point-long lower shadow.

Two more buoyant and impulsive weeks have ended with over 2 per cent gains in straight weeks.

The stock market is finding itself in a jittery position amid low voter turnout.

With huge three-day price swings during the last week, equities rebounded and closed almost at the previous week’s high.

L ast week, the domestic benchmark indices closed flat on a week-on-week basis but formed a bearish pattern (shooting star) that warrants attention.

The equities staged a remarkable rebound on the final day of the financial year, setting a positive tone for the new financial year. This surge led to a new lifetime high at 22,529.95, effectively nullifying the January-March topping cycle

The Nifty finally succumbed to an impulsive corrective move across the market selling pressure.

Positive economic data boosted the sentiment in the domestic market and lifted key benchmark indices to a fresh all-time.

The NSE benchmark index Nifty 50, though it hit a fresh all-time high, is struggling to cross the 61.8 per cent extension level of the prior uptrend. In June 2023,

he Nifty sustained above the 20 DMA for the third successive day, and the Bollinger bands were flattened.