SBI (₹191.75)

SBI may remain range-bound in the near term

SBI is finding support near ₹180. It has managed to reverse higher after falling over 6 per cent and has closed with 4.7 per cent gains last week. Resistances are at ₹196 — the 21-day moving average and at ₹198 — the 100-day moving average level. A range-bound move between ₹180 and ₹198 is possible in the near term. A breakout on either side of this range will decide the next leg of move. A strong break above ₹198 can take the stock higher to ₹205. Further break above ₹205 may see the rally extending to ₹212. On the other hand, a break below ₹180 can take the stock lower to ₹177. The downside pressure will increase only on a strong fall below ₹177. The next target is ₹170. But charts indicate a positive bias and hence, a break below ₹180 is less probable. Short-term traders can stay on the sidelines . Wait for the range breakout to initiate fresh trades.

ITC (₹330.95)

ITC is trading in a range with a bullish bias

ITC fell to a low of ₹326.5 on Monday and reversed sharply from there to close 3 per cent higher for the week. The stock is stuck between the 21- and 100-week moving averages at ₹319 and ₹338. A breakout on either side of these levels will decide the next move . However, the bias is positive and a decisive break below the 21-week moving average support is less probable. A strong break above ₹338 can trigger a fresh rally to ₹350 and ₹360 . Medium-term investors can initiate fresh long positions. Stop-loss can be placed at ₹310 for the target of ₹357. Intermediate dips to ₹320 can be used to accumulate long positions. The 55-day moving average at ₹316 will be an important support to watch. A decisive close below this support would signal a reversal in outlook to negative. In such a scenario the stock can fall to ₹310 or even ₹305.

Infosys (₹1,172.05)

Result impact can push Infosys higher

Infosys was volatile in the truncated week. It fell to a low of ₹1,151, reversed higher to ₹1,195 and then fell back again to close at ₹1,172, up 0.4 per cent for the week. Last week’s candlestick pattern reflects indecisiveness. However, the good results released last week on Friday could turn the sentiment positive. Since the result was released when the markets were closed, the possibility of a strong gap-up opening cannot be ruled out. So traders can exit the short positions taken last week. The region between ₹1,200 and ₹1,220 is an important resistance region. A decisive break above ₹1,220 can boost the bullish momentum and take it higher to ₹1,250 and ₹1,270. On the other hand, if the results impact is short-lived and the stock fails to break above ₹1,220, then Infosys could fall to ₹1,150 and ₹1,130.

RIL (₹1,065.45)

Upmove in RIL gains momentum

The resistance in the ₹1,050-₹1,055 zone, which has been capping the upside in RIL for about a month, was decisively broken last week. This breakout can strengthen the bullish momentum . The region between ₹1,055 and ₹1,050 will now be a good near-term support. There is no immediate danger for any sharp fall as long as it trades above ₹1,050. An immediate rise to ₹1,080 and ₹1,090 looks likely. Further break above ₹1,090 can take RIL higher to ₹1,115. Investors with a short-term perspective can go long . Stop-loss can be kept at ₹1,045 for the target of ₹1,110. Make use of dips to ₹1,060 and ₹1,055 to accumulate longs . The 21-day moving average at ₹1,035 and then a trend line at ₹1,030 are important short-term supports for the stock. The outlook will turn negative only on a strong break below ₹1,030. Such a break can take the stock lower to ₹1,000 .

Tata Steel (₹332.6)

Uptrend in Tata Steel remains intact

The uptrend in Tata Steel remains intact. It surged 3.2 per cent last week and closed on a strong note. With this rally, Tata Steel has completed its seven-week gaining streak. An immediate rise to ₹340 looks likely. A strong break above ₹340 can take it higher to ₹345 and ₹350 . Short- and medium-term investors can continue to hold their long positions. Retain the stop-loss at the revised ₹325 for the target of ₹340. The 100- and 200-day moving average resistances are placed at ₹356 and ₹358, respectively. The recent uptrend that began in February may halt after testing the above mentioned resistances. A corrective fall can hence not be ruled out. The 21-day moving average at ₹313 will be an important support. The short-term outlook will turn negative only on a strong fall below this support. The next targets will be ₹305 and ₹300. .

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