In the passing week, Nifty lost close to half a percent after hovering roughly in a range of 8150-8370 spot level and ended near the lower band of the range.
Initially, it retraced back to 8364.75 mark i.e. roughly 61.8% level as per Fibonacci retracement levels of the recent decline (8626-7962). But, lack of sustainability around that zone resulted in resumption of profit taking in the last three sessions.
Considering the chart formation, we expect consolidation to continue in a broader range of 8050-8350 in the coming week.
This being the last week of the current year, participation could be low as majority of stocks markets across the globe will remain close on account of New Year holidays.