10000 is the new 9000 for 2018?

Markets has clicked a New high yesterday bringing some cheers among-st traders but most importantly it has shown some new sing of rally for Technical Analysts. As we all could witness, Nifty has been in the range of 9500-10000 post GST but since late October the range had rose to 10000-10450 which was finally breached yesterday

During these two quarters of rally, one thing has been clear that 10000 mark was acting as a pivot point around which markets were resisting and later taking support. After yesterdays a pinch of breakout from the box of consolidation, we can now lookout for 11200 mark minimum on upside while other 3 probable targets for 2018 would be 11600/12300/12700. 

That was about upside but would could be the bottom ??????

10000 could be the new 9000 for 2018. 9000 mark was considered to be strong support for 2017 which was neckline breakout of Inverted H&S and the same could be the case with 10000 mark for coming months. Though some might not consider breakout to be a strong one but for me its a confirmation for a new bull run.  Fundamentally too we have seen many companies posting better than expected results which could attract some institutional buying at start of 2018. May be we have expiry next week so we might get some volatility but now 10000 is strong psychology support while 50 day SMA at 10117 could be the stop loss for traders.

So what would be the Strategy now ?

For Investors: Start accumulating Front line stocks on each dip in coming quarter and then hold for 2 years

For Short term traders: Buy Nifty on each dip with tgt of 10680/11200 ….On the downside we have supports of 10290/10117/10000


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