Market View 10 Jun 2004: IT Stocks Expected to Dominate Today

What happened in Last 48 Hours:
On Daily candle, Nifty IT Index's Buy Signal has triggered and Price has gone above the cloud area plotted by Option Scalper (see chart above).
Global IT stocks have also performed well on Friday.
On Daily Candle, top 3 stocks (out of top 40 stocks in Nifty50) picked by Zeta Stock Scanner are IT stocks.
PM Modi has taken oath and the uncertainty over government formation is over.
Only worrying thing is, huge Short Positions of FIIs in Index Futures. They hold nearly 42% Short Positions and just 17% long positions now.
It is expected that market will follow global cues and IT stocks will perform well, but overall gain in the Index is expected to be moderate until Thursday by when US FED's interest rate decision will be announced.
Instead of Index Options, go after individual stocks as they are expected to give better returns than the index.
Happy Trading.

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