To start off, index closed WoW basis in neutral territory with literally 0.00% gains. The lower pivot zone is proving to be a multi tested supply zone and recovery is observed from this point with surging volumes. The technical levels are updated as index carved a new pivot zone around 41200 and still needs to cross 41900 +/- 200 to be in major bullish zone.
So did our pessimism on the index paid off? Absolutely, as the entire week gains failed to sustain on the last trading day due to aggressive profit booking. We retain our pessimistic view until a clean break above 41900 +/- 200 is observed. Looking forward, the range bound movement is expected to break on the upside if 40700+/-200 continue to hold as support.