"The Nifty witnessed an extremely volatile day of trade on Friday. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points," Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said.