Nifty 9,800-9,825 level a key support now

Index moved North in late December 2016, from 7,900 levels. It has now hit an all-time high of 9,928

The index hit new highs and climbed past 9,900 and closed above that level. Bulls continue to be enthusiastic and lukewarm initial corporate results have not deterred them. Institutional attitude is interesting. The foreign portfolio investors (FPIs) have been modest buyers in July and domestic institutional investors have bought around Rs 3,000 crore.

The market has been low-volume so this has been enough to trigger a breakout and sustain the uptrend. By definition, the long-term trend must be positive. The lack of volume expansion on breakout is usually a negative signal. Ideally, volumes will pick up on the breakout.

The Fed, the