12K is here again! After experiencing the brutal correction during the month of May and June, when the markets tumbled from its dizzying heights and looked to be on journey to explore what appeared then as its lowest level, no one had dared to dream that the all those losses will be soon wiped out and the bulls will be again running to set new highs.

Well, it has happened, and happened in just a matter of four months. Fuelled mostly by local money the Sensex is looking tantalizingly close to soar past its all time highs. Will it eventually happen is a matter of discussion for a later date. So even as we celebrate this bull market, it's important to know what kind of strategy one should adopt in the market from hereon.

The chorus is to book profits and wait. Jagdish Malkani of NSE is asking people to wait and do some profit booking at the same time. "It is still a bullish market but at the moment, it is getting ahead of itself. So clearly there going to be opportunities where one will see that 800-1000 point correction. In those circumstances, one should jump," he says.

But which stocks should people book profit in?

Gaurang Shah of Geojit Financial Services [Get Quote] is recommending taking money off the table in banking, automobiles, IT and cement stocks. In auto pack, he singles out Tata Motors [Get Quote] and M&M. TCS [Get Quote] and Infosys [Get Quote] are the ones he is asking to book profit in. From the cement pack, ACC and Gujarat Ambuja [Get Quote] are on his selling list.

Deven Choksey of KR Choksey of Securities though does ask to do profit booking, he does recommend not making new purchases in IT, auto and oil stocks. Reason, he says the biggies in IT sector have moved up a lot and are done with their run up.

Auto too, he says, has equally appreciated in terms of valuations and one should wait for correction. In the case of oil companies, he says that one should wait for fresh price correction in oil before making new buys.

Sumit Rohra of Antique Broking advises to book profits in oil companies like HPCL [Get Quote] and BPCL [Get Quote]. However, in his opinion, one should stay away from metals.

Ambressh Baliga of Karvy Stock Broking is also recommending people to book profits. "The market will see some correction. Therefore, it's not the time to buy now. Rather, it's the time to book profits across all the sectors, as almost all of them have done well," says Baliga.

The same sentiment is being echoed by Anand Tandon of Gryffon Investment Advisors. Except "capital goods, construction, cement and IT," he says, people should take their profits in all other sectors.

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