Tech in limelight

Deepak Sahijwala & Sanjay R Bhatia

The markets have witnessed a slow and steady rally, amidst intermediate bouts of profit booking, while the volumes recorded have remained low. Traders and speculators were seen buying into technology, metals and mid-cap stocks. Incidentally, FIIs and mutual funds continued to remain net buyers on the bourses, albeit their purchases were low.

Technically, the markets are consolidating amidst a gradual but firm rally that is unfolding. Overall, the market sentiment continues to remain cautiously positive, but is likely to remain range bound as markets lack positive triggers. Overall the markets would continue to witness stock-specific action. Now, it is important that volumes improve, especially on the institutional side, for the rally to gain momentum and for the markets to move out of this flat and range bound trend. The markets would witness intermediate bouts of profit booking. On the upside, if the benchmark BSE moves and sustains above the 5252 level, it is likely to test the 5400 level. On the downside, the 5123 level is an important support level followed by the psychologically important 5000 level.

CMC

The CMC stock has moved in a range of Rs 79, touching an intra-day high of Rs 736 on September 6 and an intra-day low of Rs 657 on September 8 and. It is likely to witness profit booking at higher levels. If it continues to sustain above the Rs 715 level, it is likely to test the Rs 760 level. On the downside, the Rs 715 level is likely to act as a major support level, but if it falls below this level, it is likely to find support at the

Rs 641 level.

HCL Technologies

The HCL Tech stock has moved in a range of Rs 13.75, touching an intra-day low of

Rs 321.50 on September 6 and an intra-day high of Rs 335.25 on September 9. On the upside, the Rs 325 level is likely to act as a resistance and if it successfully sustains above this level then it is likely to test the Rs 341 level. On the downside, the Rs 304 level is an important support level.

Infosys Technologies

Infosys has moved in a narrow range of Rs 33, touching an intra-day low of Rs 1,600 on September 7 and an intra-day high of Rs 1,633 on September 9. On the upside, if it continues to sustain above the Rs 1,582 level it is likely to test the Rs 1,716 level. On the downside, the Rs 1,582 level is an important support level.

NIIT

NIIT has moved in an extremely narrow range of Rs 5.45, touching an intra-day low of Rs 157.50 on September 6 and an intra-day high of Rs 162.95 on September 9. On the upside, the Rs 165 level is likely to act as a resistance level. On the downside, the Rs 142.10 level is likely to act as a support level.

Polaris Software

Polaris has moved in a range of Rs 7.55 touching an intra-day low of Rs 148.25 on September 6 and an intra-day high of Rs 155.80 on September 7. On the upside, the Rs 159.55 level is likely to act as a resistance level. On the downside, the Rs 135 level is likely to act as a support level.

Satyam Computers

Satyam has moved in a range of Rs 10.90, touching an intra-day low of Rs 357.10 and an intra-day high of Rs 368 on the same day on September 6. On the upside, the Rs 377.50 level is likely to act as a resistance level. On the downside, the Rs 350 level is likely to act as a support level.

Wipro

Wipro has moved in a range of Rs 59.90, touching an intra-day high of Rs 596.90 on September 8 and an intra-day low of Rs 537 on September 9. On the upside, the Rs 587 level is likely to act as a resistance level, and if it moves and sustains above this level it is likely to test the Rs 616. On the downside, the Rs 534.40 level is an important support level.