The markets moved in a range-bound trend during the course of the week. Stock specific activity was seen, as tech stocks remained subdued during the week, taking a cue from the weak Nasdaq. PSU stocks saw speculative trading as the proposal for disinvestment of HPCL and BPCL was cleared. Traders and speculators were active in PSU and a few second rung tech stocks. FIIs and mutual funds were net buyers during the week.

The undertone of the market continues to remain positive and bullish. The BSE Sensex was able to move above its resistance level of 3239, but failed to sustain above this level due to profit booking. The Sensex is likely to test this level again and if it succeeds to sustain this level for 12 trading days, a rally of 100-125 points is foreseen, which would take the Sensex above the 3366 level.

CMC
The CMC stock moved in a range of Rs 51 during the course of the week, touching an intra-day low of Rs 399 on December 2 and a high of Rs 450 on December 11. As indicated last week, the CMC stock tested its resistance level of Rs 442, but was unable to sustain above this level, as profit booking erased gains.

Digital GlobalSoft
The stock continued to move in a range of Rs 76 during the week, touching an intra-day low of Rs 586 on December 4 and a high of Rs 662 on December 11. The stock resumed its uptrend and rose above its resistance level of Rs 628, but profit booking pulled the price down. However, the uptrend is likely to continue.

HCL Technologies
The HCL Tech stock moved in a range of Rs 19 during the week, touching an intra-day low of Rs 179 on December 5 and a high of Rs 197 on December 11. The stock continued to struggle at its resistance level of Rs 196, as profit booking dragged it down. On the downside it is unlikely to fall below the Rs 170 level.

Infosys Technologies
This stock moved in a range of Rs 337 during the week, touching an intra-day high of Rs 4,749 on December 9 and an low of Rs 4,412 on December 10. During the week Infosys was able to move above its resistance level of Rs 4,670. Now, it is important to sustain at this level for it to test the Rs 4,874 level, which is a crucial level for Infosys. If it sustains at this level, a strong rally is anticipated.

NIIT
The NIIT stock moved in a range of Rs 35 during the week, touching a intra-day low of Rs 153 on December 5 and a high of Rs 183 on December 11. As indicated, the NIIT stock resumed its uptrend and was able to move above its resistance level of Rs 181, but was unable to sustain at this level. On the downside, it is unlikely to fall below the Rs 150 level.

Satyam Computers
The Satyam stock moved in a range of Rs 21 during the course of the week, touching an intra-day high of Rs 285 on December 6 and a low of Rs 264 on December 10. The corrective phase continued in the Satyam stock with occasional flare-ups, which took it above the resistance level of Rs 279, but it failed to sustain at that level.

Wipro
The Wipro stock moved in a narrow range of Rs 117 during the course of the week, touching an intra-day low of Rs 1,531 on December 10 and a high of Rs 1,648 on December 11. It is likely to test its resistance level of Rs 1,761. On the downside, it is unlikely to fall below the Rs 1,500 level.

STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 16/12/2002

Nasdaq

The downtrend continued on the Nasdaq during the course of the week, but it was able to stay above its support level of 1387. The Nasdaq is likely to move in a range-bound trend for a few trading sessions. On the upside, it is likely to face resistance at the 1431 level. On the downside, if it falls below the 1387 level it is likely to fall further, but could find support at the 1319 level.