War continues to haunt markets

The uncertainty of war continued to affect the market sentiment. During the course of the week, traders and speculators continued to churn their portfolios, while FIIs remained net sellers. However, mutual funds continued to remain net buyers, supporting the markets at lower levels.

Technically, the downtrend is likely to continue, with occasional bouts of a technical pull back. The markets are likely to remain volatile, amidst low volumes. And sentiment is likely to improve only in the event of some positive news on the geopolitical [US-Iraq] situation. Till such time the market sentiment is likely to remain cautious and nervous.

CMC
The CMC stock moved in a range of Rs 47.50, touching an intra-day high of Rs 540 on March 6 and an intra-day low of Rs 492.50 on March 11. It has remained range bound and has failed to move near the Rs 550 level, due to selling pressure. Now it is important that it sustains at the present level. The Rs 494 level is a crucial resistance level and it is important that it does not fall below this level. If this level is breached, it is likely to test the Rs 470 level. On the upside, the Rs 550 level is likely to act as a resistance level.

Digital GlobalSoft
Digital has moved in a narrow range of Rs 29.75, touching an intra-day low of Rs 608 on March 11 and intra-day high of Rs 637.75 on March 12. As we had indicated in the last issue, the Rs 642.70 level acted as a resistance level and the stock failed to move up to this level due to selling pressure. 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 22.85, touching an intra-day high of Rs 167.30 on March 6 and an intra-day low of Rs 144.45 on March 11. It has formed a minor positive divergence pattern, which augurs well for the stock in the short term. It could move to Rs 160, where it is likely to face resistance. On the downside, the Rs 144.45 level is likely to act as a support level.

Infosys Technologies
Infosys moved in a range of Rs 196, touching an intra-day high of Rs 4,179 on March 6 and an intra-day low of Rs 3,983 on March 10. It is likely to face resistance at Rs 4,150 level. On the downside, the Rs 3,939 level is likely to act as a support level.

NIIT
NIIT moved in a range of Rs 17.90, touching an intra-day high of Rs 131.10 on March 6 and an intra-day low of Rs 113.20 on March 11. It has fallen below an important support level of Rs 125.10 and is likely to touch the Rs 112 level. On the upside, the Rs 125.10 level is likely to act the resistance level.

Satyam Computers
Satyam moved in a range of Rs 21.05, touching an intra-day high of Rs 218.25 on March 6 and an intra-day low of Rs 197.20 on March 11. On the downside, the Rs 189 level is likely to act as a support level. On the upside, it is likely to face resistance at the Rs 226 level.

Wipro
Wipro moved in a range of Rs 107.75, touching an intra-day high of Rs 1,424.90 on March 6 and an intra-day low of Rs 1,317.15 on March 12. On the downside, the Rs 1213 level is likely to act as an important support mark. It is likely to face resistance at the Rs 1,370 level.

STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 17/03/2003

Nasdaq

The Nasdaq continued to move in a range-bound trend. The fears of an attack on Iraq continued to hamper sentiment. The 1323 level is likely to act as a resistance level. On the downside, the 1207 level is likely to act as an important support level.