Trade Plan-stay with defensive stocks and sectors, Nifty precariously poised.

Nifty moved past the 9,300 level, but the second half of the session saw the market come off its intraday highs. Unless Nifty moves higher, there are greater possibilities of Nifty resolving such patterns on a negative note.

Until Nifty is out of this pattern, it will be prudent to stay away from chasing any moves on the higher side.

Volatility Index, INDIA VIX, eased again by 2.75% to 38.0425.

The current technical structure of the market warrants an extremely cautious view for the days ahead.

Unless Nifty moves past the 9,500 level, it will remain vulnerable within the current area formation. In the event of any up-move, if any, one should stay away from chasing such moves on the higher side. More emphasis and focus is required on protecting and booking profits at higher levels. Exposures, if any, should be kept limited to the defensive stocks and sectors.

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