New momentum that powered the Nifty past the 10000 levels.

We are not inclined to call this move as a new bullish trend because the time taken for the correction is too less compared to the length of the prior bull market and hence we believe this to be a corrective rise, albeit a strong one.

With the 50%, retracement level now exceeded, the possibility of a move to 62% retracement which lies at 10500 levels.

Nifty support level is 8800 & resistance level 9930. we can look for the case of continued bullishness in the coming week.