The markets have continued to remain range-bound ahead of the results season. Traders and speculators were seen building speculative positions in infotech stocks, ahead of their Q3 numbers. However, FIIs and mutual funds were net sellers during the first trading week of 2003.

Technically, the markets continue to remain subdued. Volumes are low due to the lack of FII inflows, as they stay away due to the prevailing tensions in the Gulf region. The Q3 results are likely to set the pace for future trends in the markets. Any adverse news is likely to see a selling spree on the bourses. On the upside, the 3398 level is an important resistance level.

CMC
The stock moved in a range of Rs 106, touching an intra-day high of Rs 600 on January 3 and an intra-day low of Rs 494 on January 7. The upward trend continued on the CMC counter, but it was unable to sustain above the Rs 531 level. If it succeeds in sustaining above this level, it is likely to face resistance at Rs 564 and later at the Rs 600 level.

Digital GlobalSoft
It moved in a narrow range of Rs 36.10, touching an intra-day high of Rs 647.95 on January 2 and intra-day low of Rs 611.85 on January 7. The upward trend has been extremely range-bound, ahead of its quarterly results. It is likely to face resistance at the Rs 662 level. If it can sustain and move above this level, it is likely to test the Rs 700 level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 13.80, touching an intra-day high of Rs 193 on January 2 and an intra-day low of Rs 179.20 on January 8. The weakness on the HCL Tech counter is likely to continue, as it failed to move above important resistance barriers. It has managed to pull back above the Rs 180 level, which is an important support level. If it breaches this level it is likely to fall further and could even test the next support level of Rs 158. On the upside, it faces resistance at the Rs 196 level.

Infosys Technologies
It moved in a range of Rs 161.75, touching an intra-day low of Rs 4,709.95 on January 2 and an intra-day high of
Rs 4,871.70 on January 7. The Rs 4,874 level continues to remain elusive for Infosys. The Infosys results failed to impress the street. It has seen a sell-off on the bourses on Friday. The minor divergence pattern formed has aggravated the selling. The stock has support at the Rs 4,540 level.

NIIT
It moved in a narrow range of Rs 8.50, touching an intra-day high of Rs 187.50 on January 2 and an intra-day low of Rs 179 on January 7. It has consolidated at the present levels and is likely to continue in a similar trend. On the upside, it faces resistance at the Rs 196.50 level. On the downside, the Rs 150 level is an important support level.

Satyam Computers
It moved in a range of Rs 18.10, touching an intra-day high of Rs 284 on January 2 and an intra-day low of Rs 265.90 on January 7. It has managed to stay above its support level of Rs 264. If it breaches this it is likely to fill the price gap between the Rs 252 and Rs 247.85 levels. On the upside, the Rs 292 level is an important resistance level.

Wipro
It moved in a narrow range of Rs 57.90, touching an intra-day low of Rs 1,630.10 on January 3 and an intra-day high of Rs 1,688 on January 8. The Rs 1,692 level continues to remain elusive, while the Rs 1,500 level is an important support level.

View the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 13/01/2003

Nasdaq

Good news on the economic front—with the US President declaring a new economic stimulus policy, the US markets have become extremely volatile. The Nasdaq has been able to move above its resistance level of 1387. Now, it faces resistance at the 1471 level. On the downside, the 1319 level continues to remain an important support level.