NIFTY 10,000 WHAT NEXT ?????

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Cheer for nifty 10000..!!!! Historical day for nifty…. The Nifty future entered into the 10000 zone in today’s trading session.  The Nifty future has opened on a flattish note at level 9975, but started surging and breached the 10,000 peak in afternoon trades only, after that it slipped soon and made a low of 9964. However on the back of metal and bank stocks, the bourse once again went past the milestone, this time holding on to the gains made a high of 10032 & finally closed at 10030 level. Nifty was trading marginally higher as investors were awaiting the outcome of a Federal Open Market Committee meeting. Traders covered their short positions ahead of the July derivatives expiry tomorrow, building up the momentum. Better first quarter results and short covering ahead of F&O expiry took the market to new heights... On the global front, rising consensus expectations for status quo on US key interest rate is providing support to the market.

Nifty future needs to cross the 10050 mark to consolidate on the bullish run.  Nifty future break above 10050 then it will increase the strong bullish pattern breakout, which will take the indices up towards 10075/10090. A strong break (close) below 9950 will increase the downside pressure and drag it to 9930, 9910. Traders can go short on a break below 9930 with a stop-loss at 9995 for the target of 9900.

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Supports: 9950 and 9900

Resistances: 10055 and 10095