The bullish fervour continued during the week as the Sensex rose for eight trading days unabatedly, before profit booking and a minor correction set in, amidst good volumes. Traders and speculators were seen actively buying into tech, auto and Old Economy stocks. FIIs continued to remain net buyers during the week, while mutual funds remained net sellers.

Technically, the positive sentiment prevailing during the week fuelled the bullish fervour. FII activity propelled buying interest across the board, thereby helping the markets post handsome gains. It is important that the BSE Sensex now continues to sustain and consolidate above the psychological level of 3100 and that institutional activity continues to remain positive. Any negative news from the Gulf region could halt the rally temporarily. The BSE Sensex is likely to face resistance at the 3232 level. If it succeeds in moving above this level, it is likely to test the 3366 level.

CMC
The CMC stock moved in a narrow range of Rs 23.40 during the week, touching an intra-day low of Rs 395 on November 25 and an intra-day high of Rs 418.40 on November 26. The stock is likely to continue to move in a range-bound trend. On the upside, it is likely to face resistance at the Rs 442 level. On the downside, it is unlikely to fall below the Rs 385 level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 11.90 during the week, touching an intra-day high of Rs 189.90 on November 22 and an intra-day low of Rs 178 on November 25. It is likely to face resistance at the Rs 190 and Rs 195 levels. If it succeeds in moving above these levels, it could move closer to the Rs 219 level. On the downside, it is unlikely to fall below the Rs 169 level.

Infosys Technologies
The Infosys stock moved in a range of Rs 236.70 during the week, touching an intra-day high of Rs 4,672.70 on November 22 and an intra-day low of Rs 4,436 on November 27. The present corrective phase is likely to continue before it can resume its upward trend. On the downside, Infosys is unlikely to fall below the Rs 4,225 level. On the upside, the Rs 4,874 level is a crucial resistance level.

NIIT
The NIIT stock moved in a range of Rs 16.70 during the week, touching an intra-day low of Rs 140.55 on November 21 and an intra-day high of Rs 157.25 on November 27. NIIT is now likely to correct itself in the next few trading sessions due to profit taking before resuming its upward trend. It is unlikely to fall below the Rs 142 level. If after this correction NIIT succeeds in moving above the Rs 150 level it is likely to test the Rs 186 level.

Satyam Computers
The Satyam stock has moved in a range of Rs 17.05 during the week, touching an intra-day low of Rs 263.85 on November 21 and an intra-day high of Rs 280.90 on November 26. On the downside, the Satyam stock is unlikely to fall below the Rs 249 level. On the upside, if it moves above the Rs 281 level successfully it is likely to test the Rs 301 level immediately.

Wipro
The Wipro stock moved in a narrow range of Rs 106.80 during the week, touching an intra-day low of Rs 1,558.20 on November 25 and an intra-day high of Rs 1,665 on November 27. On the upside, the Wipro stock faces resistance at the Rs 1,730 level. On the downside, it is unlikely to fall below the Rs 1,500 level.

STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 02/12/2002

Nasdaq

The upward trend on the Nasdaq continued with occasional bouts of correction. The Nasdaq is now near its 200-day moving average and is likely to move above this level in a few trading sessions. If it can stay above its 200-day moving average, the long-term view on the Nasdaq becomes bullish and a further rally is anticipated. On the upside, the Nasdaq faces resistance at the 1568 level. On the downside, it is unlikely to fall below the 1400 level.