Finally 9600 is a reality; one should look to book profits now: Angel Broking

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

Technical Outlook

Finally, 9600 is a reality now as we saw markets continuing their optimism for the second consecutive day. The rally was clearly propelled by the Metal conglomerates that started shining back after a recent underperformance. This was supported by other heavyweight sectors, like, the Oil & Gas and Banking. Eventually, the Nifty recorded yet another historical close tad below the 9600 mark.

Despite seeing some correction in the early part of the week, we maintained our bullish stance on the market and advised traders to stay with the larger degree up trend. Also, we have been quite vocal about reaching the new milestone of 9600, which has now been proved valid. Going ahead, we can see continuation of this move; but upside in the near term now seems limited. In last 4 - 5 months, we have not used a word 'cautious' even on a single occasion. But, now looking at few key Fibonacci ratios that are coinciding in the vicinity of 9620 - 9650, we would advise traders to start taking some money off the table. As mentioned, we now expect the index to consolidate a bit, during which one should focus on individual stocks with a positive bias in order to fetch higher returns. On the lower side, 9520 - 9440 would act as a strong support zone.

Source : Equity Bulls

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