The markets witnessed a minor correction on the back of partial profit booking by traders and institutions. Traders and speculators were seen active on tech and Old Economy stocks, which rose sharply during the present rally. FIIs continued to remain net buyers, albeit with limited purchases. And mutual funds continued to remain net sellers.

Technically, the undertone of the markets continues to remain positive and bullish. The anticipated correction on the bourses has materialised and augurs well for the market. Now, it is important that the BSE Sensex continues to consolidate at present levels. If it succeeds in moving and sustaining above the 3239 level initially for four trading days, followed by 12 trading days, it is likely to cross the 3366 level.

CMC
The CMC stock moved in a range of Rs 41 during the week, touching an intra-day high of Rs 442 on December 2 and an intra-day low of Rs 401 on December 4. It faced resistance at the Rs 442 level and was unable to move above this level. If it succeeds in moving above this level, it is likely to test the Rs 490 level. On the downside, it is unlikely to fall below the
Rs 360 level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 24 during the week, touching an intra-day high of Rs 198.40 on December 3 and an intra-day low of Rs 174.40 on December 4. HCL, incidentally, was able to move above its resistance level of
Rs 195, but failed to sustain above this level. If it succeeds in moving and sustaining above the Rs 195.70 level, it is likely to test the Rs 219 level. On the downside, it is unlikely to fall below the Rs 160 level.

Infosys Technologies
The Infosys stock has moved in a range of Rs 279.85 during the week, touching an intra-day high of Rs 4,670 on December 2 and an intra-day low of Rs 4,390.15 on December 4. Infosys’s corrective phase is likely to resume its upward trend in few trading sessions. However, it faces resistance at the Rs 4,670 level. If it succeeds in moving above and sustains above this level, it is likely to test the Rs 4,874 level, which incidentally continues to be a crucial resistance level.

NIIT
The NIIT stock moved in a range of Rs 20.15 during the week, touching an intra-day high of Rs 172.40 on December 2 and an intra-day low of Rs 152.25 on December 4. It is likely to resume its upward trend in a few trading sessions and could test the Rs 181 level, where it is likely to face some resistance. On the downside, it is unlikely to fall below the Rs 142 level.

Satyam Computers
The Satyam stock moved in a range of Rs 23.80 during the week, touching an intra-day high of Rs 292.20 on December 2 and an intra-day low of Rs 268.40 on December 4. On the upside, it faces resistance at the 279 level. If it succeeds in moving above this level, it is likely to test the Rs 301 and then the Rs 320 level.

Wipro
The Wipro stock moved in a narrow range of Rs 242.70 during the week, touching an intra-day high of Rs 1,761 on December 3 and an intra-day low of Rs 1,518.30 on December 4. Though Wipro was able to move above its resistance level of Rs 1,730 it failed to sustain above this level due to profit booking. On the upside, it faces resistance at the Rs 1,761 level. On the downside, it is unlikely to fall below the Rs 1,500 level.

STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 09/12/2002

Nasdaq

The Nasdaq witnessed a correction during the week, on the back of a minor negative divergence formed on the daily charts. Though the Nasdaq moved above its 200-day moving average, it failed to sustain above this level. Now it is essential that it moves and sustains above its 200-day moving average, initially, for four trading days, followed by 12 trading days. The Nasdaq continues to face resistance at the 1,568 level and on the downside, it is unlikely to fall below the 1,387 level.