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Trade Plan-Every rise making it vulnerable;Nifty50 trapped in Rising Wedge

The directional weakness of the market is likely to persist despite modest up-moves. We have the penultimate day of the expiry of the current derivative series, and the session is going to be dominated by rollover-centric activities. The index also remains vulnerable at higher levels,

Any profit booking should not come as a surprise. Nifty is likely to face resistance at 9,410 and 9,465 levels, while supports will come in at 9,260 and 9,185 levels. The trading range is expected to remain wider than usual in the event of any corrective moves from higher levels. Given the current technical setup, we recommend adopting a highly selective approach and protecting profits at higher levels. Any bearish move going ahead cannot be ruled out as long as the markets stay in the current area pattern. A cautious view is advised for the day.

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