RIL advanced 3.8 per cent last week, accompanied by good volume surpassing resistance at Rs 900 in line with our expectations. It is hovering well above its 50 and 200-day moving averages and is currently testing resistance at Rs 920. Both the daily and weekly relative strength indices are featuring in the bullish zone. Short-term trend is up for the stock. Short-term traders can prolong their long holdings with revised stop-loss at Rs 890 levels. An emphatic breakthrough of the current resistance at Rs 920 can take the stock to Rs 954 in the ensuing week.

Investors with medium-term perspective can consider holding the stock with stop-loss at Rs 840. A strong close above Rs 954 will push the stock higher to Rs 980 or to Rs 1,000 in the medium-term. Significant supports to watch ahead are pegged at Rs 900, Rs 880, and Rs 850. Key supports below Rs 850 are at Rs 830 and Rs 810.

State Bank of India (Rs 1,814.1)

The stock fell 4 per cent accompanied by good volume decisively breaching its key support at Rs 1,900 in the previous week. Nevertheless, it is testing next support at Rs 1,800. Strong decline below the base in the week ahead will strengthen the stock’s medium-term downtrend and pave the way for a down move to Rs 1,690 or even to Rs 1,600 in the medium-term. Short-term traders should tread with caution and initiate fresh short positions only if the stock declines below Rs 1,800 with same stop-loss.

Medium-term trend has been down for the stock from its January peak of Rs 2,250 levels. Short-term trend is also down and the stock is trading well below its 50 and 200-day moving averages. The daily as well as the weekly relative strength indices are featuring in the bearish zone. To alter the medium-term downtrend, the stock has to decisively move above Rs 2,200 levels. Immediate resistances are positioned at Rs 1,900, Rs 2,000 and Rs 2,065.

Infosys (Rs 2,845.8)

The stock climbed 1.5 per cent with good volume last week. Medium as well as short-term trends are up for the stock. It is hovering well above its 50 and 200-day moving averages. Both the daily and weekly relative strength indices are hovering in the bullish zone implying upward momentum. The daily moving average convergence divergence indicator is moving higher in line with the stock price, in the positive area indicating strength in the uptrend.

Short-term traders can prolong their long positions with altered stop-loss at Rs 2,750 level. Medium-term investors too can continue to hold long positions with stop-loss at Rs 2400 levels. Short-term targets are at Rs 2,900 and Rs 3,000.

Key supports for the stock are at Rs 2,700, Rs 2,600 and Rs 2,500. An emphatic jump above Rs 3,000 can accelerate the stock higher to Rs 3,225 levels in the medium-term.

Tata Steel (Rs 241)

Tata Steel plunged 8 per cent accompanied by good volume, breaking through its key support at Rs 250 in the previous week. The medium as well as short-term trends continue to be down for the stock. It is trading well below its 50 and 200-day moving averages. The daily relative strength index entered the bearish zone from the neutral region and the weekly RSI is featuring in the bearish zone. There are no signs of trend reversal. Short-term traders can short the stock while maintaining tight stop-loss at Rs 250 levels. Initial target is Rs 230 and the next is at Rs 219. Important long-term support is positioned at Rs 200. Key resistances to keep note of are pegged at Rs 250, Rs 264 and Rs 282. Important medium-term resistances are at Rs 300 and Rs 320.

The stock needs to strongly rally above Rs 300 to revise its short-term downtrend and take it higher to Rs 320.

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