Most signals positive, but VIX indicates nervousness

The Nifty looks set to push North, but it could run into heavy resistance above 10,750-10,800. The index is well above the 200-day moving average (200-DMA), which is now between 10,250 and 10,300. There is a possible short-term target of 10,900.

The index will have to cross the all-time high of 11,170 to confirm the big bull market remains alive. There are successive supports between 10,600 and 10,700, and then at 10,300-10,400. The 10,600 support held during a brief sell-off last week. 

A fall below 10,250 would push the index below its own 200-DMA and if that happens, it could indicate that