SBI (284.3)

SBI made some wild swings last week. The stock gained about 6 per cent intra-week and made a high of ₹302.35 on Friday. But it reversed sharply lower, giving back all the gains made. The near-term outlook is mixed. The price action in the coming week will need a close watch. Immediate support is in the ₹282-₹280.5 region and the next vital support is at ₹275. A dip to test these supports is likely in the near term. Whether SBI declines below ₹275 or not will determine the next move. A strong break below ₹275 will increase the downside pressure and keep the near-term downtrend intact. Such a break can drag the stock lower to ₹265 and ₹260 on the back of fresh selling. But, if SBI manages to bounce from ₹275, a recovery rally to ₹290 or ₹295 is possible. A break above ₹295 can take it higher to the ₹305-₹307 zone.

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ITC (₹280.8)

ITC snapped its two-week fall. The price action last week indicates that the stock lacks strong sellers and is getting fresh buyers in the ₹275-₹273 region. Key support is at ₹272. A slump below ₹272 can drag the stock to ₹265-₹264 band. But as long as ITC trades above ₹272, the outlook will remain positive. A strong break above ₹285 will take it up to ₹289. A further break above that will then increase the likelihood of the stock targeting ₹301 . Inability to breach ₹301 can trigger an intermediate corrective fall towards ₹295 or ₹290. However, the over all outlook will continue to remain positive. As such, an eventual break above ₹301 will see ITC targeting ₹308 and ₹310. A break above ₹310 will pave way for ₹320 and ₹325. Investors who have taken long positions at ₹282 and ₹278 can hold it. Retain the stop-loss at ₹262.

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Infosys (₹756.5)

The upmove in Infosys is gaining momentum and it surged over 3 per cent last week. Immediate support is at ₹745 and next is in the ₹720-₹715 region. Though an intermediate pull-back move to test these supports cannot be ruled out, a fall below ₹715 is unlikely. Fresh buyers may emerge at lower levels and limit the downside. The indicators on the charts are also positive. A rally to ₹800 and ₹810 looks likely. The strong rally last week also confirms the inverted head and shoulder bullish reversal pattern on the daily chart . This leaves the possibility high of the stock targeting ₹830 — the target level of the reversal pattern. Medium-term traders can hold the long positions taken at ₹722. Retain the stop-loss at ₹678. Revise the stop-loss higher to ₹735 as soon as the stock moves up to ₹765. Book profits at ₹815.

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RIL (₹1,247.3)

RIL tumbled over 4 per cent intraweek. However, it managed to claw back from the low of ₹1,190.55, recovering the loss in the final two trading days of the week. The support in the ₹1,200-₹1,190 region has held well. The bounce-back from the low of ₹1,190 last week indicates that the stock is gaining fresh buying interest around the psychological level of ₹1,200. This keeps the bullish outlook intact. The 55-day moving average is now on the verge of crossing over the 100-day moving average. This is a positive signal, indicating that the downside could be limited in the short term. Resistance is in the ₹1,265-₹1,270 region. A strong break above ₹1,270 will see the stock surging to ₹1,330. The outlook will turn negative only if RIL declines below ₹1,190. A corrective fall to ₹1,140 is, thus, possible.

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Tata Steel (₹473.4)

Tata Steel was up 4.6 per cent last week. The upward reversal is technically significant as it happened from the 200-week moving average. The price action will need a close watch to get a cue on whether the on-going downtrend has ended or not. Immediate resistance is at ₹480. A strong break above it can trigger a corrective rally to ₹500 and ₹530. But an inability to breach ₹480 can trigger a pull-back move to ₹450 and ₹440. A range-bound move between ₹440 and ₹480 is possible. The region between ₹440 and ₹430 is a crucial support zone. The stock will come under pressure again, if it declines below ₹430. A fall towards ₹400 will be bearish from a long-term perspective. It will then increase the possibility of the stock tumbling towards ₹300 levels over the long term.

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