Breakout above 10,650 on Nifty is a positive

The Nifty has continued its northwards journey, pushing through resistance between 10,650 and 10,700. The index is well above the 200-day moving average (200-DMA) and there is a likely short-term target of 10,900.

While the short-term and intermediate trends are up, the index will have to cross the all-time high of 11,170 to confirm that the big bull market remains alive. If there is a trend reversal from below 10,900 levels, there will be successive supports between 10,600 and 10,700, and then at 10,300-10,400. The 200-DMA is now running between 10,250 and 10,300.

A fall below 10,200 would push