Trade Plan : Trade carefully, Nifty50 enters a key profit-taking zone.

Nifty is likely to see the 9,350 and 9,385 acting as key resistance on Friday, while supports will come in at 9,170 and 9,100 levels. Any corrective move is widening the trading range.

Any move higher from this point is expected to invite some profit-taking.

Volatility index INDIA VIX declined another 8.39% to 39.2300. Each move higher from the current level now will need to be dealt with a high degree of caution.

Given the present technical setup, we recommend utilizing any up-move, if it occurs, to protect profits on existing positions. Instead of chasing the up-move with fresh purchases, it would be prudent if we protect profits vigilantly.

The main reason behind this approach is that the higher the market goes, the closer it will get to the upper trend line resistance to the wedge. This is likely to trigger profit-taking at higher levels. While guarding profit at current and higher levels, a cautious...

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