Textile traders in a rally to protest against the controversial Goods and Services Tax (GST) in Surat. Pic/PTI

Last week, Nifty made a low at 9,485 and later in the week, it recovered and finally closed at 9,665 on Friday. The intense selling was partly due to June expiry and recovery happened due to the GST roll-out. India VIX declined to 10.8 per cent during the week and S&P 500 VIX also dropped towards 11.19 per cent, suggesting a strong outlook for the market.