10000 finally a reality
“It’s a historical day for our markets as we saw Nifty reaching yet another milestone of the magical figure 10000 at the opening tick. Although, it was just a formality, clocking this number in such a short span is certainly a big achievement. During the day, we saw some profit booking in a gradual manner to eventually close tad above the 9950 mark.
At this juncture, our strategy more or less remains the same as we would still avoid participating in it on the index front. We have been stating repeatedly to keep booking profits and avoiding fresh longs in the recent rally after surpassing 9700 – 9750 levels. In hindsight, yes, it’s a miss from our end; but, there are some indications with slightly broader perspective did not give us any comfort at all and they are still the same. At times, timing such things or catching a precise top becomes very difficult and hence, we followed such approach. Meanwhile, we participated in individual stocks in last 2 – 3 weeks and we would continue with the same (but now very selective and with a proper exit strategy). Technically speaking, on the higher degree charts, 9750 – 10050 is a cluster of strong resistance zone for Nifty and hence, traders are continuously advised to remain light on positions. The intraday support zone for the Nifty is at 9949 – 9919.”