SBI (₹191)

SBI has risen past the Fibonacci resistance at ₹188 last week and recorded a decisive close above this level. The 13 per cent rally in the past week signals that a fresh leg of an up-move has begun. Immediate support is at ₹186. The 55-day moving average at ₹180 is the next important support. A rise to test the next resistance at ₹200, which is the 50 per cent Fibonacci retracement level, is possible in the coming week. Traders who had taken long positions last week can hold them. Revise the stop-loss higher to ₹185 for the same target of ₹195. Traders who do not have any position in the stock can initiate fresh long position. Stop-loss can be kept at ₹185 for the target of ₹199. The stock will come under pressure only if it declines below the support at ₹180. In such a scenario, it can fall to test its 21-day moving average at ₹173. However, the outlook will turn negative only if the stock breaks further below this support.

ITC (₹325)

The stock of ITC is continuing to trade range-bound between ₹313 and ₹325. It broke above ₹325 on Friday, but failed to sustain higher; it closed 1.2 per cent higher for the week. The bias continues to be bullish. A rounding pattern on the daily chart indicates that the stock may break the range above ₹325 decisively. This can take the stock higher to ₹330. Further break above ₹330 can see the up move extending to ₹335 and ₹340. On the other hand, a reversal from ₹330 can trigger a short-term corrective fall to ₹325 and ₹320. Traders with a medium-term perspective and high risk appetite can make use of dips to go long at ₹320. Stop-loss can be kept at ₹311 for the target of ₹338. Accumulate long position if the stock falls below ₹320 to test the range support at ₹313. The bullish outlook will get negated if the stock declines below ₹313 decisively. Such a fall can drag ITC lower to ₹310 initially and then to the level of ₹305.

Infosys (₹1,190.2)

Infosys fell initially in the past week to a low of ₹1,129, but the stock reversed sharply. It is up 4 per cent for the week and closed just below an important resistance of ₹1,195. The strong bounce from the 21-day moving average is a positive. It leaves the possibility high for the stock to break above ₹1,195 and extend its rally. The next target will be ₹1,245. Traders with a short-term perspective can wait for a break above ₹1,195 and go long at ₹1,198. Stop-loss can be kept at ₹1,170 for the target of ₹1,240. An important trendline resistance is at ₹1,245, which is likely to cap the upside for the stock in the short term. A corrective fall to ₹1,190 is possible from there. On the other hand, if the stock fails to break above the immediate resistance at ₹1,195 and reverses lower, then a pull back move to test the support at ₹1,140 is possible. A strong break below this support will increase the danger of the stock falling to ₹1,110 and even ₹1,090.

RIL (₹1,025.2)

Reliance Industries is stuck inside a sideways range between ₹1,000 and ₹1,050 for the second consecutive week. A breakout on either side will decide the next leg of move for the stock. Psychological support is at ₹1,000. Then, a strong 100-day moving average support at ₹980 could limit the downside for the stock even if it breaks below ₹1,000. This leaves the broader bias bullish on this stock to make a decisive break above ₹1,050. Such a break can take it higher to ₹1,080 and ₹1,090 this week. Further break above ₹1,090 will pave way for a fresh rise to ₹1,150 or even ₹1,200 thereafter. Short-term traders can go long and set their stop-loss at ₹970, for the target of ₹1,080. Accumulate long positions if the stock dips to ₹1,000 and ₹980. The stock will come under pressure only if it falls below ₹980. Such a fall can drag it to ₹957, which is the 200-day moving average support level.

Tata Steel (₹302)

Tata Steel hovered around the psychological resistance level of ₹300 all through the week. The stock is up 2.5 per cent for the week and has also managed to close above ₹300. Immediate support is at ₹300. Next significant support is at ₹294 which has held well and limited the downside for the stock last week. The overall view is positive. A rise to test the 61.8 per cent Fibonacci retracement resistance at ₹314 looks likely in the short term. Traders with a short-term perspective can make use of dips to go long at ₹295. Stop-loss can be kept at ₹289 for the target of ₹312. For the medium term, ₹275-280 is a strong support zone. As long as it trades above this support zone, a rise to ₹340 and ₹360 is likely. Investors who took long positions can hold on with a revised stop-loss at ₹265 for the target of ₹340. Accumulate long position if the stock falls to test the support at ₹280.

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