Positives:
All risk assets are breaking out. Safe havens USD, JPY & Gold are lower
Risk-on mood is taking hold on the hopes of economic recovery
FIIs bought heavily yesterday in the wake of rating downgrade (retail offered liquidity??)
Negatives:
India’s GDP & stimulus are lagging behind
There are no India specific positives
Continuing border standoff with China
Global Markets: - Everything is up
Global markets ended positively yesterday and they continue to zoom this morning. European and US futures are trading in green in Asia session. Copper, commodities and emerging market indices are all moving up after break out of range. Volatility index falling and getting close to long term averages. Central bank’s monetary easing is flooding the markets and optimism on economic recovery is further helping bulls.

ASIAN Markets this morning: - Bulls are in control
All of Asian market is up sharply this morning and SGX Nifty is comfortably trading above 10k psychological mark.
Calendar events
India’s Purchasing Manager’s Index (PMI) will come out by 10.30 today. Expectation is 38 Vs 27.4 last month. Services PMI of China rebounded sharply just as the manufacturing PMI did. Will PMIs are another data really mean anything today? I doubt it.
India: -Where are the 10K Caps
Although there is nothing much on economic and stimulus front in India, unstoppable global risk-on mood will carry the nifty beyond 10k today. FIIs bought about 7.4K crore yesterday on the wake of rating downgrade. Probably they used retail sell volumes to buy. This tells me that FIIs are not going to be selling anytime soon unless there is a major negative news.

Result announcement:
Auro pharma, Cholamandalam Finance will release their results today. DLF and NIIT will declare quarterly results tomorrow.
NIFTY -Technical Bias:

Price Action & Pattern:
The positive sentiment will likely take nifty above 10k market. Today range is likely to be 9980-10300 on continued FIIs support.
Trade Ideas:
Hold your longs and add long position. I generally do vertical bull spreads in order to manage the position if trade goes against me. But watch out for sharp gap up. Wait for appropriate place to enter.