It would be more natural in English to say, "He looks at the star and wishes for happiness" unless it's the case that he is looking at the star for a long time in which case "watches" would be more sensible.
The tenses must agree. This is grammatically incorrect, unless c you had an adverb of time, such as while he is looking at the star, he wishes for happiness. The coordinating conjunction is coordinating verb phrases, so they should match.
In addition to the mismatched tenses (which is WRONG WRONG WRONG WRONG WRONG), "watching" is the wrong word - you'd get a serious crick in your neck if you tried to actually watch a star rather than look at it.