Nifty scales 10,600 for first time: Budget, results key factors ahead

Trend following signals suggest keeping a buy on the Nifty with a stop at 10,500. The VIX stabilised at lower levels and it is rising again

The Nifty broke out past 10,600 on Monday, hitting a new high. There was buying coming in even above the 10,600 level. This beats the last all-time high of 10,552. The long trend obviously remains bullish. The first level to watch for bears would be around 10,550, which was the earlier high and should now be the first support. If that is broken, there’s support at every 50 points or so down. The key recent support would be at 10,325.

The January settlement is extremely important for several reasons. The first is, it will give us an inkling of foreign