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Uncertainty neutralises Budget positives
Deepak Sahijwala & Sanjay R Bhatia
The markets reflected disappointment and
uncertainty during the week. As expected post-Budget rally did not
materialise despite a good Budget, due to war fears. Volumes continued
to be low in the absence of any major institutional activity. The
uncertainty on the terms of FII participation in the Indian markets
have kept FIIs from making any major commitments, but they have
remained net buyers, albeit with limited purchases. Traders and
speculators were seen buying into auto, banking and pharma counters;
but were seen selling in the tech counters amidst growing concerns
of more US states banning outsourcing from India. Mutual funds were
also marginal buyers.
The markets are likely to move in a range-bound
and sluggish manner till the FIIs participation issue settles. The
geopolitical tensions across the Gulf and Korean peninsula are likely
to weigh down on the bourses, not only in India but also across
the globe. It is important that the BSE Sensex should not fall below
the 3186 level. If it breaches this level, it is likely to fall
further by a 100-150 points. On the upside, the 3340 level is likely
to act as an important resistance level.
CMC
The CMC stock moved in a range of Rs 51.90, touching an intra-day
low of Rs 483.05 on February 27 and an intra-day high of Rs 534.95
on March 5. It is likely to initially test the Rs 550 level, and
if it succeeds it is likely to rise to test the Rs 583 level. On
the downside, Rs 494 is a crucial support level.
Digital GlobalSoft
Digital moved in a range of Rs 67.60, touching an intra-day low
of Rs 594.20 on February 27 and intra-day high of Rs 661.80 on March
3. It has continued to stay above its 200-day moving average, which
is a positive sign. The Rs 642.70 level is likely to act as an important
resistance level. On the downside, the Rs 588 level is an important
support level.
HCL Technologies
The HCL Tech stock moved in a range of Rs 19, touching an intra-day
low of Rs 160.70 on February 27 and an intra-day high of Rs 179.70
on March 3. It has moved in an extremely range-bound trend and is
likely to continue to move between the range of Rs 160 and Rs 173.
Infosys Technologies
Infosys moved in a range of Rs 294.65, touching an intra-day low
of Rs 4,070.35 on February 27 and an intra-day high of Rs 4,365
on February 28. It is likely to face resistance at the Rs 4,285
and later at the Rs 4,365 level. On the downside, the Rs 4,085 level
is an important support level.
NIIT
NIIT moved in a range of Rs 11.90, touching an intra-day high of
Rs 139 on March 3 and an intra-day low of Rs 127.10 on March 5.
It is likely to face resistance at the Rs 136 level on the upside.
On the downside, the Rs 125.10 level is an important support level,
if it falls below it, then it is likely to test the Rs 112 level.
Satyam Computers
Satyam moved in a range of Rs 17.05, touching an intra-day high
of Rs 229.70 on March 3 and an intra-day low of
Rs 212.65 on March 5. The price gap formed between the Rs 216.90
and Rs 220 level has been filled during the week and augurs well
for the stock. It is likely to face resistance at the Rs 232 level.
On the downside, the Rs 210 level is an important support level.
Wipro
Wipro moved in a range of Rs 112, touching an intra-day high of
Rs 1,500 on March 3 and an intra-day low of
Rs 1,388 on March 5. It is likely to face resistance at the Rs 1,480
level. On the downside, Rs 1,391 is likely to act
as an important support level.
View
the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 10/03/2003
| The Nasdaq moved in an extremely range-bound
trend. The fear of war with Iraq and rising tensions in the
Korean peninsula have hindered a sustained rally. The 1349 level
is likely to act as a resistance level. On the downside, the
1291 level is likely to act as an important support level. |
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