Last week, the SBI stock advanced 2.4 per cent and is trading sideways in a wide range between ₹2,500 and ₹2,850. Traders with a short-term horizon should tread with caution as long as the stock trades in the inner band between ₹2,580 and ₹2,750. A move above ₹2,750 can take the stock to its long-term resistance of ₹2,850. Only a conclusive breakthrough from this level will reinforce bullish momentum and take it higher to ₹3,000 and ₹3,100 in the medium term. Investors with a medium-term horizon can hold the stock with a stop loss at ₹2,250. But a decline below ₹2,500 will alter the short-term trend from sideways to bearish and drag it down to ₹2,400 and ₹2,300 in the weeks ahead.

ITC (₹333.3)

The stock of ITC bounced back and gained 4 per cent last week. ITC is testing its 200-day moving average as well as a key resistance around ₹330. Only a strong opening above this level in the coming week will take the stock higher to the level of ₹340. The short-term trend for the stock has been down from the peak of ₹386 reached in May this year. A strong rally above ₹340 is needed to alter the short-term downtrend and take the stock higher to ₹350 and ₹365. In such a situation, investors with both short- and medium-term perspective can buy the stock with a stop-loss at the level of ₹330. The failure to rally above ₹340 will keep the stock trading in a sideways range. Key supports below ₹320 are pegged at ₹310 and ₹300 levels.

Infosys (₹3,239.1)

The stock moved sideways and closed on a positive note after testing a key support at ₹3,200. It continues to test this level. Moreover, the stock has another key support very near at ₹3,150 where its 50-day moving average is poised. An upward reversal from the current support zone can take the stock higher to ₹3,350. Traders with a short-term horizon can consider buying the stock with a stop-loss placed at ₹3,150. But the inability to move past ₹3,350 will lead to a near-term sideways movement. A decisive fall below ₹3,150 can drag the stock down to ₹3,050 or ₹2,900. Investors with a medium-term perspective should consider buying the stock only on a decisive move above ₹3,350. Targets are ₹3,450 and ₹3,550.

RIL (₹1,031.9)

Following an intra-day blip below ₹1,000, the stock bounced back and closed with a gain of 1.8 per cent for the week. But, this upmove is a temporary one as long as the stock trades below its significant resistance and the trend deciding zone between ₹1,050 and ₹1,060. Hence, traders with short-term perspective should tread with caution as long as the stock trades below this zone. An emphatic breakthrough of this level will alter the downtrend and take the stock higher to ₹1,090 and ₹1,120 in the short- to medium-term. But, a conclusive fall below ₹1,000 will drag the stock down to ₹970 and ₹950. A further fall below the key support band between ₹940 and ₹950 will be a threat to the stock's medium-term trend.

Tata Steel (₹536.4)

Tata Steel gained 3 per cent last week, breaching its 21-day moving average. However, selling pressure is evident and it may be unable to sustain above this level. Volumes on the daily chart have been decreasing over the past four weeks. The stock is now moving sideways in the band between ₹520 and ₹550. Only a strong rally above ₹550 will be a cue for initiating fresh long positions with a stop-loss at the same level. The stock can trend higher to ₹570 and then to ₹580 in the short term. On the other hand, a tumble below ₹520 will strengthen the bearish momentum and pull the stock down to ₹500. The next significant supports are pegged at ₹480 and ₹450 levels.

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