Markets roar to record highs and the long-term trend is bullish

The focus is on corporate results at one level but global news will also have an impact

The market roared to new highs. This was due to a favourable initial result in French elections and hopes of deep tax cuts in US President Donald Trump's tax proposals. It may be noted that the French elections enter Phase-II and the extreme right-wing candidate still has a chance of winning. For that matter, Trumps' tax proposals have to pass Congress, and several stalwarts in his own party may oppose them. 

The Nifty has climbed past 9,300 and tested resistance at 9,350. It would now have support in the 9,250-9,275 zone where the prior highs were established. The next strong