RIL rallied higher after testing its key support in line with our expectations to Rs 940. We stay with the view that the stock faces strong resistance at this level. So traders can hold their short position with a stop-loss at Rs 930. Initial downside target is Rs 900 and the next is Rs 890. Key resistances for the week are at Rs 940, Rs 960 and Rs 985.

An emphatic decline below the lower boundary (Rs 900) of the stock's medium-term range will drag the stock down to Rs 858 and then to Rs 832 in the weeks ahead. Medium-term target on a close below Rs 832 is Rs 760.

State Bank of India (Rs 2,646.7)

SBI managed to close 1 per cent higher last week in spite of highly volatile trading sessions. The stock's short-term trend is down from its January peak of Rs 2,852. It is facing a key resistance at Rs 2,700 and has the next resistance at Rs 2,750. As long as the stock trades below Rs 2,750, short-term traders can avoid trading in the stock. Decisive jump above Rs 2,750 will push the stock higher to Rs 2,850. Inability to do so will result in the stock declining to Rs 2,550 and then to Rs 2,468.

Medium-term trend is down for the stock. Emphatic tumble below Rs 2,500 can drag the stock down to Rs 2,200 and then to Rs 1,900 in the medium-term. Significant resistance are positioned at Rs 2,870 and Rs 3,100.

Tata Steel (Rs 635.8)

After touching an intra-week low and high of Rs 615 and Rs 651, the stock closed flat for the week. It will continue to remain in a short-term downtrend as long as it trades below Rs 665. Traders can initiate fresh short position only if the stock reverses or fails to move beyond Rs 665 with that level as a stop. Targets for the stocks are Rs 630 and Rs 612. Important support below this level is at Rs 590. However, a move above Rs 665 can take the stock higher to Rs 680 and to Rs 700.

The stock has been on a medium-term up trend from last year's June trough. Only a strong decline below Rs 580 will threaten this uptrend.

Infosys Technologies (Rs 3,046.3)

In line with our expectation, the stock slipped by about 4 per cent. Short-term trend is down and traders can prolong holding their short positions with a revised stop-loss at Rs 3,095. Targets are Rs 3,000 and Rs 2,940. Failure to decline below the first target will be a signal to book profit on the short positions. Resistances for the week are Rs 3,110 and Rs 3,150.

Last week, the stock fell below its key medium-term support at Rs 3,150 signalling medium-term bearishness. Subsequent support is at Rs 2,940. .

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