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The starting point of the week gone by was excellent as the pre-open suggested a bumper opening at records highs last Monday; courtesy to gap up opening in two major index movers (RIL & HDFC Bank) after posting their quarterly numbers over the weekend.

But this bullishness at the opening was flatter to deceive. The market started coming off fiercely right from the word go, in fact, the selling aggravated as the day progressed to conclude with sharp cuts.

This negativity continued for the subsequent two sessions to slide towards the 12,100-mark.

However, the bulls came for rescue and were successful in pulling the market higher to end the week well above 12,200.

Looking at the recent behavior, it seems the market is giving full justice to the famous phrase ‘All is well that ends well’.

On the technical front, the market reversed precisely from a crucial juncture.

The support of 12,100 was placed at the 61.8 percent Fibonacci retracement of the recent up move from 11,929.60 to 12,389.05.