Nifty - A high degree of cautious approach

Once again on the day chart Nifty closed with a Doji candle. Given the first trading day of the year just ahead of a weekend, the overall volumes are likely to stay on the lower side, the overall action in the markets will stay highly stock-specific with increased favor towards the defensive stocks. We recommend continuing to approach the markets with a high degree of caution as we follow the trend. Protection of profits is advised.