Trading Idea: IT stocks in over-bought zone, stay put

BSE-IT index led gains among the sectoral indices today with Tata Consultancy Services surging 3% at Rs 2,180, its new high on BSE, ahead of July-September (Q2) quarter earnings tomorrow.

Risk appetite improved after the Infosys, country's second-biggest software exporter, guided for better revenue outlook for fiscal 2014.

Mirroring the optimism, software exporters rose and remained top traded stocks on the index.

But is this rally here to stay or should one exit before any correction?

Check out the trading strategies with Ranak Merchant, Technical Analyst - Strategies at Sushil Financial Services.

SmartInvestor : Markets have remained firm in the afternoon session. What are the key support and resistance levels for Nifty during intra-day?

Ranak Merchant : Intraday support zone 6030-6070, resistance 6142

SmartInvestor : IT index has once again outperformed the sectoral indices. What are your picks here?


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