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Buyers re-emerge after correction
Deepak Sahijwala & Sanjay R Bhatia
After extending their corrective trend, the markets have again started to move
up, while traders and speculators were seen building positions in mid-cap and
a few tech stocks. Incidentally, most FIIs have also been net buyers during
the course of the week, albeit with low volumes. On the other hand, mutual funds
were also supporting the markets at lower levels and were net buyers during
the course of the week.
Technically, the markets have again started to move up, after the expiry of
the F&O segment as traders and speculators moved their positions to December
contracts. It is now important that the benchmark BSE Sensex moves and sustains
above the 5000 level for the rally to gain momentum. Moreover, FII buying is
needed to give the necessary philip to the markets, but their buying is unlikely
to gain momentum as the year draws to an end, and they are likely to book profit
and repatriate their profits back home. On the upside, the benchmark BSE Sensex
is likely to face resistance at 4960. On the downside the markets would find
support at the 4648 level.
CMC
The CMC stock has moved in a range of Rs 29.55, touching
an intra-day low of Rs 466.25 on November 21 and an intra-day high of Rs 495.80
on November 25. On the upside, it is likely to face resistance at the Rs 500
level followed by Rs 510 level. On the downside the Rs 459 level continues to
remain an important support level.
Digital GlobalSoft
Digital has moved in a range of Rs 92.85, touching an intra-day low of Rs
570.15 on November 21 and intra-day high of Rs 663 on November 25. It is likely
to face resistance at the Rs 670 level, if it can move and sustain above this
level it is likely to test the Rs 714 level. On the downside the Rs 587 level
is likely to act as an important support level.
HCL Technologies
The HCL Tech stock has moved in a range of Rs 38.40, touching an intra-day
low of Rs 239.10 on November 21 and an intra-day high of Rs 277.50 on November
25. It is now likely to test the Rs 300 level, if it successfully moves and
sustains above the Rs 280 level. On the downside Rs 241 is an important support
level.
Infosys Technologies
Infosys has moved in a range of Rs 306.50, touching an intra-day low of Rs 4,440
on November 21 and an intra-day high of Rs 4,746.50 on November 25. It is likely
to face resistance at the Rs 4,825 level. If it moves and sustains above this
level it is likely to test the psychologically important Rs 5,000 level. On
the downside the Rs 4,450 level is an important support level.
NIIT
NIIT has moved in a range of Rs 20.40, touching an intra-day low of Rs 194.50
on November 21 and an intra-day high of Rs 214.90 on November 25. It has successfully
sustained above the Rs 196.50 level for seven days, and if it completes the
12-day cycle it is likely to test the Rs 261 level. On the downside the Rs 190
level is an important support level.
Satyam Computers
Satyam has moved in a range of Rs 19.55, touching an intra-day low of Rs 305.30
on November 21 and an intra-day high of Rs 324.85 on November 25. On the upside
it is likely to face resistance at the Rs 346 level. On the downside the Rs
300 level is an important support level.
Wipro
Wipro has moved in a range of Rs 85.75, touching an intra-day
low of Rs 1,392.25 on November 21 and an intra-day high of Rs 1,478 on November
25. On the upside it is likely to face resistance at the Rs 1,500 level. On
the downside the Rs 1,230 level could act as an important support level.
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The Nasdaq has continued to witness an uptrend with
occasional bouts of correction. The good economic data released has fuelled
a ‘feel good factor’, which has helped the Nasdaq rally and it is likely
to test the 2060 level, if it moves and sustains above the psychologically
important 2000 level. On the downside the 1786 level is likely to act
as a crucial support level.
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Current Signal
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Last Signal
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Open
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Rise / Profit
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Stop
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Remark
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| Scrip |
Date
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Price
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Indicator
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Date
|
Price
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Indicator
|
Position
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(%)
|
Loss
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|
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Indices |
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BSE SENSEX |
11/28/03 |
5044.82 |
BUY |
11/20/03 |
4771.23 |
SELL |
-273.59 |
|
4953.17 |
|
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S&P CNX NIFTY |
11/28/03 |
1615.25 |
|
11/25/03 |
1568.65 |
BUY |
46.6 |
|
1561.69 |
|
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NASDAQ |
10/27/03 |
1882.91 |
|
3/21/03 |
1421.84 |
BUY |
461.07 |
32.43 |
1882.46 |
®®® |
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Infotech Stocks |
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CMC |
11/28/03 |
515.95 |
|
10/30/03 |
466.4 |
BUY |
49.55 |
10.62 |
467.36 |
® |
|
DIGITAL EQUIPMENT |
11/28/03 |
656.7 |
|
10/31/03 |
550.85 |
BUY |
105.85 |
19.22 |
588.62 |
® |
|
DLINK |
11/28/03 |
182.3 |
|
7/22/03 |
54.1 |
BUY |
128.2 |
236.97 |
140.96 |
********** |
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HCL INFOSYSTEMS |
11/28/03 |
360.45 |
|
11/25/03 |
366.65 |
BUY |
-6.2 |
|
355.61 |
|
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HCL TECHNOLOGIES |
11/28/03 |
269.5 |
|
7/8/03 |
155.5 |
BUY |
114 |
73.31 |
204.16 |
®®®®®®® |
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HUGHES SOFTWARE |
11/28/03 |
491.3 |
|
6/6/03 |
224 |
BUY |
267.3 |
119.33 |
433.43 |
********** |
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IFLEX SOLUTIONS |
11/28/03 |
802.2 |
BUY |
10/21/03 |
704.4 |
SELL |
-97.8 |
|
719.57 |
|
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INFOSYS TECH |
11/28/03 |
4924.5 |
|
6/11/03 |
2934.65 |
BUY |
1989.85 |
67.81 |
4677.98 |
®®®®®® |
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MASTEK |
11/28/03 |
247.15 |
|
11/27/03 |
242.5 |
BUY |
4.65 |
|
238.4 |
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NIIT |
11/28/03 |
216.15 |
|
10/24/03 |
154.5 |
BUY |
61.65 |
39.9 |
198.65 |
®®® |
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PENTAFOUR SOFTWARE |
11/28/03 |
7.85 |
|
11/5/03 |
7.21 |
BUY |
0.64 |
|
7.4 |
|
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POLARIS SOFTWARE |
11/28/03 |
183.15 |
|
10/31/03 |
147.55 |
BUY |
35.6 |
24.13 |
148.46 |
®® |
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PSI DATASYSTEMS |
11/28/03 |
84.05 |
|
11/20/03 |
70.1 |
BUY |
13.95 |
19.9 |
69.16 |
® |
|
ROLTA |
11/28/03 |
83 |
|
10/31/03 |
72.7 |
BUY |
10.3 |
14.17 |
73.59 |
® |
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SATYAM COMPUTERS |
11/28/03 |
330.05 |
|
7/25/03 |
193.35 |
BUY |
136.7 |
70.7 |
316.71 |
®®®®®®® |
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SILVERLINE INDUSTRIES |
11/28/03 |
5.77 |
|
11/6/03 |
6.48 |
BUY |
-0.71 |
|
5.43 |
|
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SONATA SOFTWARE |
11/28/03 |
13.72 |
|
11/27/03 |
13.75 |
BUY |
-0.03 |
|
12.99 |
|
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SSI |
11/28/03 |
131.05 |
|
6/2/03 |
70.95 |
BUY |
60.1 |
84.71 |
126.22 |
®®®®®®®® |
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TATA ELXSI |
11/28/03 |
91.7 |
|
11/27/03 |
91.9 |
BUY |
-0.2 |
|
88.69 |
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TATA INFOTECH |
11/28/03 |
381.1 |
|
11/27/03 |
390.25 |
BUY |
-9.15 |
|
336.7 |
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| WIPRO |
11/28/03 |
1538.9 |
|
8/20/03 |
953.6 |
BUY |
585.3 |
61.38 |
1361.97 |
®®®®®® |
Note : The above stock picks based purely on Technical Analysis are generated
by Stratstar Systems’ Genius Trader, India’s First Automated Trading System
and have proved consistently and considerably reliable. This is perhaps the
only trading system in the world that on the basis of more than 18,600 mathematical
formulae, can not only identify primary trends, but also market cycles and automatically
switch into tandem when trend changes occur, recomputing calculations to finally
generate, what could be simply identified as ‘BUY’ or ‘SELL’ signals. Importantly,
unlike other available software that allow applicability of a host of technical
studies and tools, but depends on an analyst for interpretation STRATSTAR comes
with a feature that self interprets and reflects the final interpretation to
be acted upon. Stratstar Systems does not accept responsibility for any investment
decisions taken on the basis of information provided herein. The objective is
to keep investors better informed and help decide for themselves as the information
given above is only of an advisory nature. For further information or clarification
call 5633 2834 in Mumbai or e-mail info@stratstar.com
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