Nifty outlook & stock picks by Sameet Chavan: Buy HDFC Life, sell UPL

We advise traders to lighten up positions at higher levels and it​'​s better to take one step at a time for the time being

​Last Monday, the market session started on a flat note, however, before anyone could realise Nifty was down by nearly 200 points within the first half an hour to test the 15,600 mark. This was followed by a bounce back and then consolidation for the major part of the first half. During the second half, the bulls again picked up some momentum to erase all morning losses and ended marginally in the green, a tad above 15,800. The following day, Nifty reached yet another milestone of 15,900, but thereafter, some sort of tentativeness was visible in the banking space as well as the broader market.