The stock was volatile last week and moved sideways in the range between Rs 930 and Rs 960. Short-term trend is down for the stock since its April peak of Rs 1,065. However, only a fall below Rs 930 will be a cue for initiating fresh short position. Targets then would be Rs 920 and Rs 900.

However, strong move above Rs 965 can lift the stock higher to Rs 982 or Rs 1,000 in the short term. As long as the stock trades within Rs 930 and Rs 960, short-term traders should tread with caution. The stock has significant medium-term support in the range of Rs 880 and Rs 900. Strong decline below this support will pave way for Rs 825 and then to Rs 740 in the medium-term.

State Bank of India (Rs 2,242.9)

SBI slipped three per cent last week. The stock is hovering just above its significant support band between Rs 2,150 and Rs 2,200. Traders with short-term perspective can make use of declines to buy the stock with stop loss at Rs 2,200 and exit around the resistance level of Rs 2,350 or Rs 2,400. Subsequent key resistance for SBI is at Rs 2,500. Nevertheless, steep fall below Rs 2,150 will indicate weakness and the stock can decline to Rs 2,100 and to Rs 2,000 levels in the medium-term.

Medium-term trend is down for the stock from its November 2010 peak of Rs 3,515 levels. Strong move above Rs 2,950 is required to mitigate this downtrend.

Tata Steel (Rs 569.2)

The stock declined marginally by Rs 4 last week. Traders can consider holding their short position with stop-loss at Rs 585 level and target of Rs 560. The stock can remain moving sideways in the range of Rs 560 and Rs 600 in the short-term before it trends in a clear direction. Strong dive below Rs 560 will pull Tata Steel lower to Rs 540 or Rs 520 in the ensuing weeks.

But decisive jump above Rs 600 can take the stock higher to Rs 620 and even to Rs 640 in the same time frame. To negate the stock's medium-term downtrend that is in place since this January, the stock has to surpass Rs 640 strongly.

Infosys (Rs 2,861.6)

The counter moved higher by 1.7 per cent last week and breached its 21-day moving average. However, it is now testing its key resistance at Rs 2,900. Fresh long position is recommended only if the stock makes a strong move beyond this level. Upside targets are Rs 2,950, Rs 3,000 and Rs 3,125. Immediate supports for the stock are pegged at Rs 2,800 and Rs 2,750. Inability to move beyond Rs 2,900 will confine the trading range to Rs 2,750- 2,900 in the short-term.

Infosys has been on a medium-term downtrend from its January high. Only an emphatic rally above Rs 3,200 can ruin the downtrend and lift the stock higher to Rs 3,450 in the months ahead.

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