Market continued to post resistance at 40500 +/-100 during the first half, which was yesterday's support turned into resistance today. Until it dropped to our expected second support as 40300 +/- 100, testing this zone twice and showing healthy consolidation with renewed buying interests. From here onward, index gained strength and began its upward trajectory once again, breaking intraday resistance at 40500 +/-100 to make a healthy close. Looking forward, we expect to hit 52 weeks high as channel top. However, 40900 +/- 100 remains a strong multi-tested resistance where index has faced multiple rejection already. Failing at another attempt could unleash bad spell on the index and it may sink whole lot deeper in red.
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