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Below is quote on Market Wrap Up - Hint of profit booking in Nifty after hastening towards 17200 by Mr. Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking

The first day of the September month started marginally higher and Nifty surpassed 17200 mark in the first hour of the trade. However, we saw a gradual correction in Nifty for rest of the session and it ended the day below 17100 with a loss of one-third of a percent.

We started the day on a positive note and the banking index too showed optimism in the first half. However, later the indices lost the momentum and stock/sector specific momentum was seen till the end of the session. The momentum oscillator RSI in Nifty has reached overbought zone and has started showing signs of cooling-off. Hence the next couple of sessions would be crucial to determine whether the index continues its momentum or we see a pause to the ongoing trend. In our opinion, traders should look to book profits on longs and take some money off the table here and watch for more signs in the next couple of days. The stock specific moves could provide opportunities on both sides of the trade and hence, one should be selective and avoid aggressive overnight positions. The immediate supports for Nifty are placed around 17000 followed by 16900 while 17200-17250 is the resistance zone to watch.

Amongst sectoral moves, Nifty Realty index was the show stealer with gains of over 5%; on the other hand the recent outperformers IT and the Metal space witnessed some profit booking. Going ahead, traders are advised to focus on stock specific action and prefer to book profits on long positions. 

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