The markets continued to behave in an unstable manner, amidst moderate volumes. Traders and speculators continued to build positions in banking and PSU stocks. FIIs remained net buyers, especially in old economy stocks. However, mutual funds continued to remain net sellers.

The markets have remained subdued and are likely to remain range-bound. Stock specific action will be seen as results for the Q3 unfold. The results declared so far have been mixed for infotech stocks. Frontline stocks like Infosys, Wipro and Satyam have disappointed the street and have seen a sell off. The anticipated correction has not yet materialised, and it is likely to affect any future rally, which could be of a short timespan. Any fallout of the geopolitical crisis in the Gulf region is likely to see a negative impact on bourses globally. On the upside, the 3398 and the 3417 marks continue to remain important resistance levels. If the BSE Sensex is able to move and sustain above these levels, then it is likely to test the 3478 level. It is likely to decline to find support at the 3264 level.

CMC
The stock moved in a range of Rs 51, touching an intra-day high of Rs 626 on January 21 and an intra-day low of Rs 575 on January 22. Though it managed to move above the Rs 605 level, profit booking has put pressure on prices. On the upside, the Rs 600 level is likely to act as a strong resistance point. On the downside, it could test the Rs 535 level.

Digital GlobalSoft
It moved in a range of Rs 39.80, touching an intra-day high of Rs 614.80 on January 17 and intra-day low of Rs 575 on January 22. On the downside, if it breaches the Rs 577.10 level again, it is likely to test the Rs 500 level. On the upside, the Rs 648 level is an important resistance level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 15.40, touching an intra-day high of Rs 173 on January 16 and an intra-day low of Rs 157.60 on January 22. The downward trend continues on the HCL stock, and it found support only at the
Rs 157.85 level. Thereafter, it has recovered from this level. If it falls below the Rs 157.60 level, it is likely to test the
Rs 140 level. On the upside, the Rs 177.90 continues to remain an important resistance level.

Infosys Technologies
It moved in a range of Rs 207.80, touching an intra-day high of Rs 4,669.80 on January 17 and an intra-day low of Rs 4,462 on January 22. It continued to consolidate amidst a pullback. On the upside, the Rs 4,803 level continues to remain an important resistance level. On the downside, the Rs 4,266 level is an important support level.

NIIT
It moved in a range of Rs 19.95, touching an intra-day high of Rs 174.30 on January 16 and an intra-day low of
Rs 154.35 on January 22. The Rs 150 level continues to remain an important support level, and if this level is breached it is likely to test the Rs 133 level. On the upside, the Rs 180 level is likely to act as a major resistance point.

Satyam Computers
It has moved in a volatile range touching an intra-day high of Rs 267.50 on January 16 and an intra-day low of Rs 228 on January 24. Its quarterly numbers announced have disappointed the markets and have since triggered a sell off. It has filled the price gap between the Rs 252 level and the Rs 247.85 level. It is likely to find support at the Rs 214 level. On the upside, the Rs 250 level is an important resistance level.

View the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 27/01/2003

Nasdaq

The weakness continues on the Nasdaq. The Gulf crisis and a possible outbreak of war with Iraq has kept investor sentiment, nervous and negative. The poor results declared so far have also fuelled the weakness. Technically, the 1319 level continues to remain an important support level. If it breaches this level it is likely to test the 1272 level.