Correction exerted strong influence through out the trading day with wild see-saw swings but on positive side, index exhibited strong support at 40500 which was previously acting as weekly resistance according to our 1 Dec post ( link here ). Breaking a resistance and honoring it as a support level is good confirmation of bulls keeping upper hand. Looking forward to Friday, 6 Dec - we may see some correction phase to continue during first half and while second half is expected to be business as usual. We iterate our expectations to hit 52 weeks high at 41700 +/- 100 points if current trend keeps its momentum but 40900 +/- points remains a tough nut to crack.
Due to high saturation of index, always keep trailing stops on long positions to book timely profit.
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