|
The
markets continued to move in range-bound trend on low volumes,
due to lack of any institutional participation cued by the
holiday week. Traders and speculators were seen buying into
a few PSU and infotech stocks, ahead of the earning season.
FIIs continued to remain net buyers, albeit on limited purchases.
Mutual funds were also net buyers, propping up their sagging
NAVs during the last week of the calendar year.
The markets have remained subdued due to the holiday season.
Fatigue seems to have set in as volumes continued to remain
low. The tensions in the Gulf region and rising crude prices
added to market woes. The markets are now likely to continue
to correct in a sideways pattern, unless some adverse news
initiates a fresh downslide. The Q3 results to be declared
this month are likely to shape the trend on the markets. Any
earning warnings or bad results, especially from the infotech
sector, are likely to see a sell-off on the markets.
CMC
It moved in a range of Rs 52.90, touching an intra-day low
of Rs 477 on December 26 and an intra-day high of Rs 529.90
on December 31. The CMC stock has been able to move above
the Rs 525 level, after it succeeded in sustaining above the
Rs 477 level, but failed to stay there due to profit booking.
The upward trend is likely to continue with intermediate corrective
bouts. It faces resistance at the Rs 531 level.
Digital GlobalSoft
It moved in a narrow range of Rs 25.70, touching an intra-day
low of Rs 615.70 on December 30 and intra-day high of Rs 641.40
on December 31. The upward trend is likely to continue with
occasional bouts of correction and it is likely to face resistance
at the Rs 693 level. On the downside, the Rs 620 level would
be an important support level.
HCL Technologies
The HCL Tech stock moved in a narrow range of Rs 7.45, touching
an intra-day low of Rs 184.25 and an intra-day high of Rs
191.70. It has continued to move in a range-bound trend. The
Rs 200 level continues to elude the HCL stock. It is important
that it moves above this level for any upward trend to be
initiated. It is likely to face resistance at the Rs 199 level.
On the downside, it is likely to take support at the Rs 180
level.
Infosys Technologies
It moved in a range of Rs 144.40, touching an intra-day low
of Rs 4,680.50 on December 30 and an intra-day high of Rs
4,824.90 on January 1. It is likely to test the Rs 4,874 level
hereafter. The Q3 numbers and future guidance would thereafter
decide the medium-term trend of the stock.
NIIT
It moved in a narrow range of Rs 14.90, touching an intra-day
high of Rs 194.35 on December 26 and an intra-day low of Rs
179.45 on December 30. Profit booking at higher levels resulted
in a fall on the NIIT stock. It has also fallen below the
Rs 183 level, without completing the 12-day cycle. Therefore,
it is important that it now consolidates at the present level,
for a sharp upward trend to unfold. On the downside, the Rs
150 level is an important support level.
Satyam Computers
It moved in a narrow range of Rs 14.25, touching an intra-day
low of Rs 291.30 on December 29 and an intra-day high of Rs
277.05 on December 31. The stock has stayed below the resistance
level of Rs 292, and must move above this level for an upward
trend to start. On the downside, the Rs 264 level is an important
support level.
View
the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 06/01/2003
| Nasdaq |
| The
Nasdaq continued to move in a sideways pattern due to
the holiday season. Tensions on the Gulf situation are
also affecting the sentiment on the US markets, as any
war could delay the economic recovery in the US. The Nasdaq
continues to face resistance at the 1387 level. On the
downside, the 1319 level is an important support level. |
 |
|
