|
Excitement
returned to the markets last week, after a dull and listless
period of stagnation. This was cued by the successful divestment
of VSNL, which went to the Tatas; and IBP, which went to Indian
Oil. Adding to the euphoria came the government’s announcements
positively tilted in the favour of the sugar and pharma industries.
Marketmen read this as a precursor to what the budget’s
tone could be, and this definitely infused enthusiasm amongst
the big players.
| Nasdaq |
| The
NASDAQ continues to show short-term weakness. Presently
the index is below its 200 and 100 day moving average
and it could continue to slide down before finding
support at the 1742 and 1717 levels. This however,
should be construed as a correction as the long-term
outlook is significantly bullish. |
 |
|
The
benchmark BSE Sensex rose by 115.66 points (3.49%) on 6th
February helped by a strong rise in all the PSU stocks. These
gains did trickle down to other sectorial stocks like infotech
and pharma and a broadbased rally was witnessed accompanied
by good volumes. Technically, the markets will continue moving
upward, amidst intermediate corrections. The benchmark BSE
Sensex faces resistance at the 3525 level on the Weekly charts
and if this level is successfully crossed, a sharp rise could
unfold. Thereafter the index will have to stay above this
level initially for four trading days and later for 12 trading
days for this level to become a strong support level. A good
budget and the passing of the Convergence Bill in the Parliament
could act as a booster to the impending bull run.
CMC
The
stock is presently in a consolidation phase and could move
in a sideways manner before resuming its upward journey. On
the downside its minor and major support levels are placed
at Rs 288 and Rs 207, while on a rise the scrip could find
resistance at Rs 417 and Rs 515 respectively.
Digital Globalsoft
| Wipro |
| After
a brief period of correction the Wipro stock has
again started to rally and this move should take
the stock above by Rs.1860 level. The scrip is strongly
bullish. |
 |
|
The
stock continues to remain bullish and the upward journey will
continue in the coming week too, albeit with corrections.
The only worrying factor for the stock is that the consolidation
phase is not unfolding which could remove the steam from the
stock and possibly initiate an intermediate fall.
HCL Technologies
The stock could struggle between the Rs 320 and Rs 330 level
and could move in a sideways pattern for a few trading sessions.
It is essential that the stock moves above the Rs 330 level
comfortably for any upward movement to sustain in the stock.
Infosys
Presently undergoing a correction, this bellwether infotech
stock of Indian IT sector continues to remain above its 200
day moving average and should cross the Rs 4150 level without
any difficulty.
NIIT
The NIIT stock should continue to rise and should easily cross
the Rs 257 mark in the coming few weeks.
Satyam Computers
Rumours
of the Rajus selling their stake in Satyam Computers to a
foreign company has been making the rounds for quite some
time, although the Rajus have denied it. The upward bullishness
in the Satyam stock is purely technical and continues and
we should see it moving above the Rs 332 level without any
difficulty.
|
