BOOK PROFIT IN TRADING POSITIONS IN FRONTLINE IT STOCKS
Posted on April 22th, 2008 in Personal Finance) by Motilal Oswal Securities Ltd |
Sensex exhibited a strong uptrend from 15,563 to 16,778 i.e. around 1,200 points in just 4 trading sessions. In this uptrend IT stocks outperformed the indices as the Sensex moved around 8% whereas frontline IT stocks moved around 20% in this up move. Allthe frontline IT stocks are near their 200 DMA and the RSI on daily chart is also in overbought territory, hence profit booking is recommended in frontline IT stocks ( Infosys, Satyam, TCS and Wipro) in trading buying positions( F&O segment).