Though the stock made good attempt to alter its near-term downtrend by rallying above Rs 810, it failed to sustain its up move last week.

The near-term trend continues to be down. The stock has key medium-term support at Rs 750 and Rs 760 range.

An emphatic decline below this range will be cue for initiating fresh short positions and the stock can trend downwards to Rs 723 and then to Rs 700.

Conversely, an upward reversal from the aforesaid support range will encounter resistance at Rs 795 and then at Rs 810.

Important resistance above Rs 810 are at Rs 830, Rs 848 and Rs 858.

As long as the significant resistance at Rs 810 is not broken out, the stock's near-term stance remains down.

Infosys (Rs 2,866)

Infosys prolonged its volatile sideways movement in the last week too and increased marginally. Short-term traders can initiate fresh short position only if the stock declines below its immediate support at Rs 2,810.

Downside targets are Rs 2,744 and Rs 2,700. Strong decline under Rs 2,700 will pull the stock down to Rs 2,600 in the ensuing weeks. Short-term resistances are at Rs 2,900 and Rs 3,000.

Medium-term trend continues to be up for the stock as long as its key support at Rs 2,600 holds.

Conclusive jump above Rs 3,000 will reinforce this up trend and take the stock higher to Rs 3,300 in the medium-term.

State Bank of India (Rs 2,227.9)

After gaining almost 7 per cent to mark its intra-week high at Rs 2,355, SBI lost its bullish momentum and gave away most of its gains.

Traders with short-term perspective can initiate fresh short position if the stock fails to move above Rs 2,305 levels. Downside targets are Rs 2,180 and Rs 2,130.

Further, strong fall below Rs 2,130 will pull the stock down to Rs 2,070, Rs 2,000 and Rs 1,936.

But a rally beyond Rs 2,305 can lift the stock higher to Rs 2,350 or to Rs 2,400.

Subsequent important resistance is in the zone between Rs 2,450 and Rs 2,500. The stock's medium-term uptrend will be mitigated if the stock declines below Rs 1,936. It can then roll downhill to Rs 1,825.

Tata Steel (Rs 454.3)

Tata Steel is presently testing its key resistance at Rs 470. Only a strong jump above this resistance will push the stock higher to Rs 490 and Rs 500.

Traders should initiate fresh long positions only on a strong up move above Rs 470.

Inability to rally above Rs 470 can drag the stock down Rs 440 and to Rs 420 in the near term.

Next supports are at Rs 400 and Rs 380. Since mid-January this year, the stock has been broadly consolidating sideways between Rs 420 and Rs 500.

A clear breakout on any direction will decide the stock's medium-term trend.

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