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Nifty has been trading in a very narrow range since it tested the lower band of the rising channel pattern on the daily timeframe.

There is no much progress in this week’s daily chart compared to its previous week's charts.

On August 12th, both, Nifty and Bank Nifty opened almost a percent lower and later on a constant buying support in some heavyweight stocks pushed Nifty closer to yesterday's close.

For the last four months, the benchmark index has been trading in a rising channel formation and within that period, prices have respected the lower band of the channel almost three times and successfully rallied higher.

In the last one month, India VIX flattened out and had been reading in a range of 26 -23 levels.

On August 11th, India VIX index witnessed a breakdown of the smaller degree trendline on the daily interval and on August 12th, it continued its breakdown trend and contracted by 2.41 percent, closing below 21 levels.

Market breadth remained strongly in favour of bulls. For five gainers, there were three losers.