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Reliance consolidates ahead of uptrend

B. Krishnakumar

The stock moved within the confines of the resistance level at Rs 705 and support at Rs 685, and failed to close beyond either of these levels.

The price movement in the recent weeks suggests that the stock is in a consolidation phase and prices could move to Rs 745-750 shortly. Remain invested with a stop-loss at Rs 680. Fresh exposures may be considered in the Rs 685-690 range, with a stop-loss at Rs 680.

SBI

The price movement during the week was not different from the trend witnessed in earlier weeks. The stock continues to be within a trading range. Only a breakout from this range will impart a strong move in the direction of the breakout. An upward move is likely to face resistance at Rs 890-895. The support comes in at Rs 840-845. Remain invested with stop-loss at Rs 845. Fresh exposures may be avoided.

Tata Steel

A positive trend prevailed as anticipated last week. The near-term outlook remains bullish. A move towards Rs 445-450 appears likely. Investors may use price weakness to build long positions with a stop-loss at Rs 402.

Evidence of support at Rs 413-418 range may be used to take long positions, with a stop-loss at Rs 402. Consider partial profit-booking on a move to the target zone.

Satyam

The outlook has turned positive consequent to the close past the positive trigger level of Rs 765.

The stock could move to the target zone at Rs 815-820. The positive outlook would be valid as long as the stock holds above the stop-loss level at Rs 750. Shareholders may remain invested with a stop-loss at Rs 750.

Long positions may be considered on weakness with a stop-loss at Rs 750.

Infosys

Except for a positive trend on Monday, the outlook remained bearish in the remaining days of the week.

The short-term outlook remains weak and the stock appears to be headed towards the support zone at Rs 2,700-2,710.

A close below Rs 2,700 would result in a fall to Rs 2,660-2,670.

Long position may be considered on evidence of support at either of these support levels.

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