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Pivotals - Reliance Industries (Rs 873.3)
RIL gradually inched higher gaining 2.2 per cent with below average volumes last week. For the past four weeks, the stock has been vacillating sideways in the range between Rs 835 and Rs 900. Important resistances are at Rs 888, Rs 907 and Rs 921. Short-term traders should tread cautiously in the upcoming week and initiate short positions only if the stock fails to move above Rs 888 with tight stop-loss. Downside targets are Rs 846, Rs 834 and Rs 828.
On the other hand, only a strong move above Rs 907 will be a positive indication for going long in the stock. It can trend higher to Rs 921 and Rs 940.
Medium-term trend remains down for the stock since its April peak. To alleviate this downtrend, a conclusive move above Rs 965 is required.
State Bank of India (Rs 2,470.9)
The stock was choppy last week and ended lower by Rs 7.7. It is still testing its significant medium-term resistance at around Rs 2,500. Traders should initiate fresh long positions only on an emphatic move above Rs 2,500 levels. The stock can trend higher to Rs 2,558 and Rs 2,640 levels. Key supports are pegged at Rs 2,400, Rs 2,350 and Rs 2,300 levels.
Since its November 2010 peak of Rs 3,515 levels, the stock has been on a medium-term downtrend. As long as Rs 2,657 is not broken this downtrend remains in place.
Tata Steel (Rs 573.3)
Tata Steel tumbled 3.5 per cent in the previous week as anticipated and touched our price target of Rs 575. The stock appears to have resumed its short-term downtrend. Traders can consider holding their short positions with stop-loss at Rs 587. Downside targets are Rs 560 and Rs 550. Conversely, a decisive move beyond Rs 595 can take the stock higher to Rs 605 or Rs 615.
Medium-term trend is down for the stock. Strong break through of its medium-term support at Rs 548 will reinforce its downtrend and pull the stock down to Rs 518 and Rs 500 in the upcoming months.
Infosys (Rs 2,730.5)
The stock plunged 8 per cent accompanied with heavy volumes last week, breaking through its key support band between Rs 2,915-2,900 and also its 21- and 50-day moving averages. However, the stock is just hovering above its significant long-term support level of Rs 2,700 levels. Immediate resistances are at Rs 2,800, Rs 2,850 and Rs 2,900. Failure to surpass first resistance will be cue for initiating short positions with stop-loss at Rs 2,810 levels. Downward targets are Rs 2,700 and Rs 2,650.
The stock resumed its medium-term downtrend. Strong close below Rs 2,700 can drag the stock down to Rs 2,650 and then to Rs 2,580 or even down to Rs 2,290 in the medium-term. It has key medium-term resistance at Rs 3,000 levels
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