Short-term traders should use the rally to 16,000 to book profits: Milan Vaishnav

Indian markets on Tuesday opened flat amid mixed global cues but gained some strength in early trade. At 9.38 am, BSE flagship Sensex was up 48 points or 0.09% to 52,928. NSE benchmark Nifty gained 29 points or 0.18% to 15,863.

Broader market indices were trading higher, outperforming their headline peers in morning trade. Nifty Smallcap was up 0.44% while Nifty Midcap advanced 0.37%

Milan Vaishnav from Gemstone Equity Research shared insights on Money9 and said, “Markets are trying to retest 15,900 which is a very stiff resistance. Even if we tough 16,000, it will be key to watch whether we sustain. My sense is markets will take a breather at these higher levels”

As a strategy for traders, he said, “Short-term traders with one or two days’ horizon should use all trades till 16,000 to take money off the table and book profits. the rally is not be chased even more if one is trading in high beta stocks. The rally should be used to book profits.”

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TCS | Buy | Target: 3400 | Stop Loss: 3275

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