Nifty 10,000 is a key support now

The short-term trend bounced from support at 9,450 in late June

The Nifty has held on to 10,000 and zoomed higher. Bulls are likely to remain enthusiastic until the Credit Policy at the least. Corporate results are average — in fact Maruti was considerably worse than expectations. But, foreign portfolio investors (FPIs) remain net buyers, so do mutual funds and domestic institutions and so does retail.

The breakout has been sustained and by definition, the long-term trend is positive, given new highs. The US Federal Reserve decided to hold status quo which was a shot in the arm. The Fed is likely to start unwinding its balance sheet soon but that's