The ongoing rally across the globe is extraordinary. Although we have not been actively participating in index-specific trades since last week, the focus remained on individual stocks. We are advocating booking timely profits on trades and we would continue to do so. After a certain time, it’s always better to let go of some move and focus on money management. As far as levels are concerned, 11,700-11,750 remains an immediate hurdle which coincides with a multi-month upward sloping trendline. On the other hand, 11,600 followed by 11,540 would be seen as key support levels. Since we have approached yet another cluster of resistance, we continue to advise some caution at higher levels. It is better to take one step at a time and keep a close eye on key levels. It is also important to take note that the short-term pause would be seen below 11,540-11,500. For the last few days, the banking space has been outperforming and last week although there was a gradual move in Nifty, the banking index took a giant leap of 10 percent.