Inline with our expectations posted on 13 Nov - market gave a choppy rally, honoring its intraday support and resistance range of 37100 - 37500 (+/-100) points with a range bound session. We are on the last 1000 points leg of a bullish rally and this is confirmation signal of market saturation where existing investors are booking profit and less fresh investment is entering. Looking forward, we continue to expect a choppy range bound session with 37100 +/- 100 being critical support level, breaking which can trigger a down trend.
Update: Looking forward to next trading session on Friday Nov 15, first half has historically been a weak session always. Any overdue correction shall set in during this time and second half will see business as usual. A momentary break below 37100 +/- 100 is possible due to inherent weakness of first half but any dip will be part of the wider whipsaw behavior of the market.
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