The Indian equity markets attempted a breakout by moving past the prior top of 18,887 and closing near the high point of the week. The volatility remained low and the financial space underperformed the Nifty. The Nifty closed with a net monthly gain of 654.65 points (+3.53%). The banking and financial space has been underperforming but the Bank Nifty remains on the verge of a breakout. The India VIX reached one of its lowest points in recent years. It is crucial for Nifty to stay above 18,900 levels for the breakout to be confirmed.