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The week gone by was a short and truncated one with just three working days. Nifty stayed volatile on the expected lines, and danced to the swings in bonds yield and dollar strength on the expected lines, but continued to post gains. On the weekly chart, the index stayed very much in a defined range, as it remained inside the retracement channel that it has formed for itself. As the number of trading days was less, the index move remained limited and Nifty traded in a 265-point range. While staying exactly in the middle of the retracement range and above the major upward rising trend line, the headline index ended with a net gain of 360 points, or 2.48 per cent on a weekly basis.

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