The stock fell 3.5 per cent after testing its key resistance at Rs 920 last week. But it is trading well above its 50 and 200-day moving averages. Short-term trend is up and will remain up as long as the stock trades above Rs 850 levels. Short-term traders should tread with caution in the ensuing week. Immediate support for the stock is at Rs 880.

An upward reversal from the level can take the stock higher to Rs 920 in the upcoming weeks. A decisive breakthrough of Rs 920 can push the stock to Rs 954 in the medium-term.

However, a fall below Rs 880 can pull it lower to Rs 850. Key supports below Rs 850 are at Rs 830 and Rs 810.

Medium-term investors can continue to keep their long holdings with stop-loss at Rs 840. A conclusive rally beyond Rs 954 will pave the way for an up-move to Rs 980 or to Rs 1,000.

State Bank of India (Rs 1,764.8)

Though the stock held to important support at Rs 1,800 initially, it decisively breached the support in the later part of the week. The stock fell 2.7 per cent, extending its medium-term downtrend in the previous week. Medium as well as short-term trends are down for the stock.

The stock is hovering well below its 50 and 200-day moving averages. The daily relative strength index has re-entered the bearish zone from the neutral region and the weekly RSI is featuring in the bearish zone.

Traders with short-term perspective can consider holding their short positions while maintaining stop-loss at Rs 1,800. Downward targets are Rs 1,690 and Rs 1,600.

Since this January peak of Rs 2,250, the stock has been on a medium-term downtrend.

To reverse this trend, it needs to emphatically move above Rs 2,200 level. Short-term resistances are pegged at Rs 1,900, Rs 2,000 and Rs 2,065 levels.

Infosys (Rs 2,915.5)

Infosys rallied 2.5 per cent while the broader indices and key stocks declining last week. Medium and short-term trends are up for the stock. It is trading well above its 50 and 200 day moving averages.

However, the stock is testing key long-term resistance band between Rs 2,950 and Rs 3,000.

Traders can consider taking profits off the table at this juncture and stay on the sidelines. A downward reversal from this resistance zone can pull the stock down to Rs 2,800 or even to Rs 2,700 support level in the short-term.

But medium-term perspective investors can remain invested with stop-loss at Rs 2,400 levels.

Important supports below Rs 2,700 are positioned at Rs 2,600 and Rs 2,500. Only a strong breakthrough of Rs 3,000 can push the stock higher to Rs 3,225 levels in the medium-term.

Tata Steel (Rs 218.9)

Finding strength in Tata Steel is tough as the stock is on a strong downhill path, declining another 9 per cent with good volumes in the week ago. The medium as well as short-term trends continue to be down for the stock. It is hovering well below its 50 and 200-day moving averages.

Both the daily and weekly relative strength indices are featuring in the oversold territory. However, there are no clear signs of trend reversal in the stock. Short-term traders can consider holding their short positions while maintaining tight stop-loss at Rs 230 levels.

A weak opening can pull the stock down to Rs 200 in the ensuing trading sessions. Next key support is at Rs 175.

Significant resistances for the week ahead are at Rs 230, Rs 250, Rs 264 and Rs 282. Only a conclusive rally above Rs 300 will alter its short-term downtrend.

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