The bourses witnessed a rally following the easing of tensions in the West Asia region resulting in traders and speculators buying into PSUs and banking stocks. FIIs incidentally, continued to remain net buyers, albeit with limited purchases. Mutual funds however, continued to remain net sellers.

Technically, the markets have witnessed a rally on anticipation of a good and market friendly budget. The benchmark BSE Sensex is likely to face resistance at the 3382 level. If it succeeds in moving above this level it is likely to test the 3417 level. The upward trend is likely to continue, unless some negative news comes out of the US-Iraq standoff. On the downside, it is likely to find support at the 3218 level.

CMC
The CMC stock moved in a range of Rs 42.75, touching an intra-day low of Rs 485.25 on February 14 and an intra-day high of Rs 528 on February 17. It continues to struggle above the Rs 500 level. The Rs 513 level is an important resistance level, if it can sustain above this level, it is likely to test the Rs 550 level. On the downside the Rs 485 level is an important support level. If it falls below this, it is likely to test the Rs 408 level.

Digital GlobalSoft
Digital moved in a range of Rs 40.80, touching an intra-day low of Rs 583.65 on February 14 and an intra-day high of Rs 624.45 on February 18. It has been able to bounce back above its 200 day moving average which is a positive sign. The Rs 640 level is an important resistance mark for Digital, and if it sustains above this, it is likely to test the Rs 695 level. On the downside, Rs 588 is an important support level, but if it falls below it, it is likely to test the Rs 543 level.

HCL Technologies
The HCL Tech stock moved in a range of Rs 11.55, touching an intra-day low of Rs 162.40 on February 14 and an intra-day high of Rs 173.95 on February 18. It has, however, failed to sustain above the Rs 171 level. Now, it is important that it sustains above this level for any uptrend to be witnessed. On the downside, the Rs 140 level could act as an important support level.

Infosys Technologies
Infosys moved in a range of Rs 213.90, touching an intra-day low of Rs 4,120.10 on February 14 and an intra-day high of
Rs 4,334 on February 19. Infact, it has managed to bounce back above the Rs 4,180 level and it is all set to test the Rs 4,517 level in a few trading days. The Rs 4,180 level is an important support level.

NIIT
NIIT moved in a range of Rs 11.70, touching an intra-day low of Rs 128.20 on February 14 and an intra-day high of Rs 140 on February 17. It continues to face resistance at the Rs 142 level and has failed to move above this level. On the downside the
Rs 125.10 level is an important support level, if it falls below it, then it is likely to test the Rs 112 level.

Satyam Computers
Satyam has moved in a range of Rs 17.55, touching an intra-day low of Rs 212.30 on February 14 and an intra-day high of Rs 229.85 on February 18. Even though, it has managed to bounce back above Rs 214, it has formed a price gap between the Rs 216.90 and the Rs 220 levels. It is likely to face resistance at the Rs 238 level. On the downside, the Rs 214 level is an important support level.

Wipro
Wipro has moved in a range of Rs 77.50, touching an intra-day low of Rs 1,382.50 on February 14 and an intra-day high of Rs 1,460 on February 17. It is likely to face resistance at the Rs 1,480 level. On the downside , Rs 1,393 is likely to act as an important support level.

View the STRATSTAR FUND WIZARD BUY/SELL REPORT FOR 24/02/2003

Nasdaq

The Nasdaq posted a rally as war tensions in the Gulf region eased. It is likely to test the 1363 level upwards unless there is negative news from West Asia. On the downside, the 1282 level is likely to act as an important support level.