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Nifty's journey to 10,000

The benchmark index hit 10,000 in intra-day trade two years after it first hit the 9,000-mark

Samie Modak  |  Mumbai 

Photo: Kamlesh Pednekar
Photo: Kamlesh Pednekar

What do fundamental experts say?

“In context of current fundamental, 10,000 looks like dizzy. Due to demonetisation and GST disruptions, quarterly results will not help the cause... From short-term perspective, market appears overheated and a correction can’t be ruled out,” Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services.

“Nifty from its launch, took more than 21 years to be 10x to touch 10k. I’m sure next 10x, ie 100k, will take much shorter time,” Nirmal Jain, chairman, IIFL.

What do technical experts say?

“We see a resistance around the 10,000-10,100 mark and do not think the market is ready to get past this hurdle in the current attempt. Profit-booking in trading/leverage positions is recommended...” Gautam Shah, chief technical analyst, JM Financial Services.

“A possibility of minor consolidation or sideways movement can’t be ruled out in near term. On way down, 9,928– 9,838 will act as a support. On way up, our short-term target is 10,100 once Nifty manages to sustain above 10,000,” Gaurav Ratnaparkhi, senior technical analyst, Sharekhan.

Nifty's journey to 10,000

First Published: Wed, July 26 2017. 00:26 IST