Apart from the rally, lacklustre and range-bound trading was witnessed on the bourses. Traders and speculators were seen buying into Old Economy and a few tech counters. FIIs too, were net buyers, albeit their purchases remained low. However, mutual funds continued to remain net sellers, especially in PSU and second rung tech counters.

The government continued to disappoint on the disinvestment front, succumbing to the opposition on disinvestment from a few tiny quarters. The government is thinking of asking these PSUs to declare special dividends to reduce the fiscal deficit and to meet any shortfall from disinvestment sales. If these dividends are announced, PSU stocks are likely to flare up again.

Technically, the consolidation phase continued on the bourses. Volumes continued to be moderate as institutions stayed on the sidelines. If the BSE Sensex is able to move and sustain above the 3020 level, a further upward trend is anticipated, which is likely to take it to the psychologically important 3100 level.

CMC
The CMC stock moved in a range of Rs 36.85 during the week, touching an intra-day high of Rs 398 on November 7 and an intra-day low of Rs 361.15 on November 11. The underlying weakness continued in the stock, and a further decline cannot be ruled out. It has minor support at the Rs 326 level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 17 during the week, touching an intra-day high of Rs 173.85 on November 11 and an intra-day low of Rs 156.85 on November 13. Though it succeeded in moving closer to its resistance level of Rs 174, it failed to sustain at that level or move above the Rs 174 level, and the stock has instead declined. It is likely to consolidate at the present level for a few trading sessions before once again trying to move above its resistance level of Rs 174. On the downside, it is unlikely to fall below the Rs 153 level.

Infosys Technologies
The Infosys stock moved in a range of Rs 227.30 during the week, touching an intra-day high of Rs 4,113.70 on November 7 and an intra-day low of Rs 3,886.40 on November 12. It has continued its upward trend, with occasional bouts of correction, but is likely to struggle at the present level before testing the Rs 4,200 level.

NIIT
The NIIT stock moved in a range of Rs 9.60 during the week, touching an intra-day low of Rs 122.60 on November 8 and an intra-day high of Rs 132.20 on November 13. The stock continues to display a positive divergence pattern. However, it may face resistance at the Rs 137 level. If it can successfully move and sustain above this level, NIIT is likely to test the Rs 150 level.

Satyam Computers
The Satyam stock moved in a range of Rs 18.15 during the course of the week, touching an intra-day high of Rs 252.20 on November 7 and an intra-day low of Rs 234.05 on November 12. It moved closer to the Rs 255 level, but profit booking at higher levels by speculators saw the stock falling down. The stock has a minor resistance at the
Rs 252 level and it is likely to struggle at this level before it can test the Rs 259 level.

Wipro
The Wipro stock moved in a narrow range of Rs 115.70 during the course of the week, touching an intra-day low of Rs 1,389 on November 12 and an intra-day high of Rs 1,504.70 on November 13. Wipro has been able to move above the Rs 1,498 level and is likely to now test the Rs 1,562 level in a few trading sessions.

View the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 18/11/2002

Nasdaq

The Nasdaq witnessed a correction during the course of the week, after last week’s rally. The rally is likely to resume again once the present correction ends. It is likely to face resistance at the 1422 level. On the downside, the 1300 level is a strong support level for the Nasdaq.