Nifty at six-months high, keep booking profits: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Markets across the globe were quite cheerful today morning and hence, we too started off higher above the 11400 mark. As the day progressed, the positive momentum reinforced after a brief pause; courtesy to smart surge in banking conglomerates. Eventually, the bechmark continued it's march towards 11500, marking highest level since March fiasco.

Since last a week or so, we are sounding a bit cautious on the market. But it seems that market is in no mood to give any sort of correction. Actually, on the domestic front, there is no negative news flow which is considered as positive and most importantly, major global markets are clearly unstoppable, which is driving our markets higher. Although we have actively participated in the recent midcap rally, we still continue to be a watchful and would advise taking some money off the table. Because when markets are giving such gravity defying moves, nobody knows when and what's going to trigger a correction. And whenever it happens, it just comes as a surprise. With a broader view, we remain extremely sanguine but do not want to become complacent here and hence would advise against aggressive longs in the market.

As far as levels are concerned, 11450-11500 is an extended zone for us but with the flow, if it extends further, then we continue to advise booking profits in case if Nifty heads towards 11550-11625."

Source : Equity Bulls

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