Nifty Outlook: Don't short but book profit at higher levels

Sameet Chavan of Angel Broking recommends buying HPCL, and shorting Titan and Tata Steel

After an extended weekend, markets opened on a flat note last Monday. During the first couple of sessions, we witnessed some consolidation with Nifty gradually moving towards 17,400. However, the remaining part of the week panned out so well for the bulls as we saw Nifty resuming its upward trajectory to register new highs every day by a fair margin. 

On September 17, the positive momentum was carried over to almost reach the new milestone of 17,800. Unfortunately, it could not keep up with the same momentum as we witnessed a decent profit booking after marking a new high of