The market might just have executed a breakout after weeks of range trading. The Nifty moved above 10,000 for the first time in over a month and importantly, closed above the five-figure mark. This is a breach of resistance at the 9,975 level.
The Nifty had stayed above the low of 9,685 (August 11) during the range-trading. So, this is a move above a 300-point trading zone. It implies potential upside till around 10,275, which would, of course, mean new highs. The VIX has eased down, backing the bullish move and volumes also look good as foreign portfolio investors (FPIs)