New Delhi, Nov. 30 -- Dear reader,

Last week, I wrote that we should watch technology stocks, as they could hold the key to short-term market trends. Read that piece here.

Technology stocks displayed a steady trend, lending optimism to the undertone. Hopes for an early resolution of the Ukraine war, along with the trade deal between India and the US, also boosted sentiments. Short covering cushioned declines, and mild fresh buying was also seen. Bulls need to lend more aggressive buying support this week to propel Nifty higher from here. The traded turnover in the spot and derivatives (futures and options) was sharply lower, which is a small red flag.

The Nifty scaled a new high but closed in the vicinity of that level, as strong buyin...