10043 – A key support for the index
“Our markets had a pleasant start for the week as traders across the globe seemed quite cheerful and as a result, recent record high of 10137.85 was conquered in the opening trade of the day. Subsequently, we witnessed a narrow range activity with a positive bias throughout the day.
Finally, after a lot of time-wise pain, our markets moved one step ahead and registered new highs beyond the 10150 mark. Although, we have not been so aggressively participating in index specific moves of late, our strategy to focus on stock specific longs continued and has given much better results as compared to the index. Therefore, we would stick to this ploy going forward as we saw good broad based buying interest during the day. As far as next trading range is concerned, we expect the index to gradually move towards 10200 – 10250, which is not far away from today’s close. On the other hand, the base has shifted higher and hence, 10043 would now be seen as a key support level.”