Infosys was choppy and plunged Rs 139 or 5 per cent with good weekly volumes last week. It conclusively penetrated the key support at Rs 2,660. Inability to move above Rs 2,660 will be a cue for initiating fresh short position while maintaining stop-loss at same level. Downside targets are Rs 2,550 and Rs 2,450.

However, only on a strong move above Rs 2,700 will be the sign for initiating fresh long positions. In that case, the stock can rally to Rs 2,850 and then to Rs 2,900. An emphatic penetration of the key resistance at Rs 3,000 will lift the stock higher to Rs 3,500 in the medium-term.

Reliance Industries (Rs 754)

Reliance Industries slumped 6.7 per cent with above-average weekly volumes . It breached the crucial short-term trend-deciding level of Rs 785 and reached our first price target of Rs 760 and is on its course to reach the next at Rs 740. Its short-term trend is down. Short-term traders can consider holding their short positions with stop-loss at Rs 773. Targets for the stock are Rs 740 and Rs 728. As long as the stock trades below Rs 825, its short-term trend remains down. On the other hand, if the stock makes a strong jump above Rs 785, we cannot rule out a pullback rally to Rs 800 and then to the Rs 820-825 resistance zone. Next key resistance is at Rs 860.

With the stock's decline last week , its medium-term down trend that is in place, is getting strengthened. However, the presence of significant long-term support in the zone between Rs 700 and Rs 750 makes the week ahead more crucial. A decisive breach of Rs 700 will pull the stock down to Rs 670 in the medium-term.

State Bank of India (Rs 1,690.7)

Friday's 2.3 per cent gain trimmed the weekly losses to 2 per cent for SBI. The stock breached the Rs 1700-mark in the early part the week and marked its 52-week low at Rs 1,629 on November 24. The stock has moved marginally to close below the Rs 1,700-mark and is still testing this support. For a conclusive breakthrough of this support, the stock needs to close below this for another week with an emphatic decline.

Both medium and short-term trends are down for the stock and it is hovering well below its 21- and 50-day moving averages. Daily as well as weekly indicators continue to feature in the bearish zone. As long as the stock trades below Rs 1,830, its short-term downtrend stays active. Immediate resistance for the stock is at Rs 1,765. Failure to exceed this level will confine the stock's trading range between the Rs 1,629 and Rs 1,765 bands. Resistances are at Rs 1,765, Rs 1,830, Rs 1,900 and Rs 2,000.

On the downside, breach of Rs 1,629 will pave the way for a decline to Rs 1,510 in the medium-term.

Tata Steel (Rs 374.1)

The stock tumbled 4.7 per cent last week accompanied with good weekly volumes, indicating an emphatic breach of key support band between Rs 390 and Rs 400. Since October peak of Rs 491, the stock has been on a short-term downtrend. It is hovering well below its 21- and 50-day moving averages. Both the daily and weekly indicators are hovering in the bearish zone. Traders with short-term horizon can continue to hold their short position with stop-loss at Rs 387. The stock can decline to Rs 353.

Significant resistances for the week are at Rs 400, Rs 423 and Rs 437. A strong move above Rs 450 is needed to reverse the short-term downtrend and lift the stock higher to Rs 490. The stock has been on a medium-term downtrend since early July this year. A fall below Rs 353 will pull the stock down to its next key support at Rs 326 in the medium-term.

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