The stock continued its volatile movement in the week ago, moving higher in line with our expectation and later crashing. However, the stock managed to advance 1.8 per cent for the week. The stock is hovering well above its 200-day moving average. Daily indicators are moving higher in line with the stock price. We notice that there is an increase in weekly volume over the past three weeks. Short-term traders can consider holding their long positions with stop-loss at Rs 845. Targets are Rs 890 and Rs 920. A conclusive breakthrough of Rs 920 will push the stock higher to Rs 940 levels in the medium-term.

Significant immediate supports are placed at Rs 830 and then at Rs 800-810 zone. Next support below these levels is in the zone between Rs 770 and Rs 780.

State Bank of India (Rs 1,633.2)

In the midst of volatility, SBI managed to gain almost 8 per cent with good volume last week. The daily relative strength index has entered the neutral region from the bearish zone and the weekly RSI has recovering from the oversold territory. The stock is currently testing its key resistance at Rs 1,640. Only a strong rally above this level will push the stock northwards to Rs 1,710 and then to Rs 1,800 levels. In that case, short-term traders can consider initiating fresh long positions with stop-loss at Rs 1,625 levels. Next resistance is pegged at Rs 1,900. To alter its medium-term downtrend, the stock needs to rally above Rs 2,000.

On the downside, the stock has key support in the band between Rs 1,500 and Rs 1,510. An emphatic decline below this band will reinforce its downtrend and pull the stock down to its next support positioned in the range between Rs 1,390 and Rs 1,400.

Infosys (Rs 3,020.8)

The stock retreated 2.5 per cent last week, making its short-term view indecisive. Since early August, the stock has been moving sideways in the band between Rs 2,950 and Rs 3,130. Therefore, short-term traders should tread with caution in the ensuing trading sessions.

A strong decline below Rs 2,950 can pull the stock down to Rs 2,900 and then to Rs 2,800 levels in the short-term. But, a move above Rs 3,130 can take the stock northwards to Rs 3,225, which is our medium-term price target.

Medium-term trend has been up for the stock from its April 2013 low of Rs 2,190 levels. Investors with a medium-term horizon can stay invested with stop-loss at Rs 2,600 levels.

Tata Steel (Rs 292.1)

Tata Steel gained 6.5 per cent for the week. Its short-term trend has been up from its August low of Rs 195 levels. The stock is trading well above its 21 and 50-day moving averages. However, it is testing important resistance at Rs 290. Its next key resistance is very close at Rs 300. The relative strength index is featuring in the bullish zone with negative divergence indicating that the current trend is fading and reversal is on the cards. Only a strong rally above Rs 300 can take the stock higher to Rs 320 and then to Rs 340 in the medium-term. Traders with a short-term perspective should tread with caution in the coming trading sessions.

On the other hand, a tumble below Rs 274 can pull the stock down to Rs 260 and then to Rs 250 in the short-term. Next key support is pegged at Rs 230.

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