Markets moving away from key moving averages; book profits: Sameet Chavan

We are not at all advising to go against the current trend; but at least taking some money off the table on existing positions is always a good ploy, he says

Two months’ of boredom finally came to an end as market kick started the August month with a bang. There were several attempts made recently to reach the milestone of 16,000 but every time global markets became a spoil sport. This time it was certainly not the case. We had complete support from the global peers which provided impetus to reach the magical figure of 16,000.

The moment we surpassed and sustained above it, there was no looking back. Barring last Friday’s muted session; the Nifty had an excellent week to add more than 3 per cent to the