The markets continued to display a range-bound trend. Traders and speculators were seen buying into banking and a few auto stocks through last week. FIIs, however, have been net buyers into infotech stocks. Mutual funds incidentally, continued to remain net sellers.

The markets are likely to remain range-bound. The Q3 results are likely to influence the future trend of the bourses and stock specific action will be seen. The anticipated correction has not materialised, and it is likely to affect any future rally. Any fallout on the geopolitical crisis in the Gulf region or even the Korean peninsula, is likely to see a sell off. If the Sensex is able to move and sustain above the 3398 and the 3417 level, then it is likely to test the 3478 level.

CMC
The stock moved in a range of Rs 96.55, touching an intra-day low of Rs 505.35 on January 13 and an intra-day high of
Rs 601.90 on January 15. The upward move on the CMC counter continued and it was able to test the Rs 600 level after it moved above the Rs 564 level. Profit booking at present levels is underway. However, it is important that it sustains and moves above the Rs 605 level initially for four trading days and later for 12 trading days for it to test the Rs 700 level.

Digital GlobalSoft
It moved in a range of Rs 54.75, touching an intra-day high of Rs 638.90 on January 10 and intra-day low of Rs 584.15 on January 13. On the upside, the Rs 662 level is an important resistance level and on the downside, the Rs 577.10 level would be an important support level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 17.10, touching an intra-day high of Rs 183.80 on January 10 and an intra-day low of Rs 166.70 on January 13. It has failed to stay above the Rs 180 level and has since lost ground. It is likely to find support at the Rs 157.85 level. On the upside, the Rs 177.90 would be an important resistance level.

Infosys Technologies
It moved in a range of Rs 547.50, touching an intra-day high of Rs 4,814 on January 9 and an intra-day low of
Rs 4,266.50 on January 13. A pullback has been seen on the Infosys counter during the week. It must consolidate at the present levels for an upward trend to start and sustain. On the upside, the 4803 level would be an important resistance level. On the downside, the Rs 4266 level is an important support level.

NIIT
It moved in a range of Rs 27.10, touching an intra-day high of Rs 190.70 on January 10 and an intra-day low of
Rs 163.60 on January 13. It continued to consolidate at the present levels, but is likely to face resistance at the Rs 186.95. On the downside, the Rs 150 level continues to remain an important support level.

Satyam Computers
It moved in a range of Rs 20.50, touching an intra-day high of Rs 275.50 on January 9 and an intra-day low of Rs 255 on January 13. It is important that the price gap between the Rs 252 and the Rs 247.85 levels is filled for any rally to sustain. Forthcoming Q3 results are also likely to influence the future trend of the stock.

Wipro
It moved in a range of Rs 169, touching an intra-day high of Rs 1,665 on January 10 and an intra-day low of Rs 1496 on January 13. The Rs 1,692 level continues to remain elusive and hopefully if the Q3 results beat the street’s expectations it could test this level. On the downside, the Rs 1500 level is an important support level.

View the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 20/01/2003

Nasdaq

The Nasdaq moved in a range-bound trend. The Q4 results declared have been mixed, but the negative forecast by the Fed on economic growth has affected investor sentiment. The Gulf crisis continues to remain a cause of concern as a war could delay the revival of the depressed US economy. If the Nasdaq succeeds in moving and sustaining above the 1471 level, it is likely to test the 1521 level. On the downside, the 1319 level continues to remain an important support level.