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Pivotals: Reliance Industries (Rs 817.9)
Reliance Industries followed up the doji last week with a black candle in the weekly chart resulting in an evening star formation. This is a reversal pattern and can usher in a few more weeks of weakness.
The stock has strong resistance in the zone between Rs 880 and Rs 902. The medium-term term view will turn positive only once this zone is breached. Next targets are Rs 938 and Rs 1,000.
In the short-term, the stock has supports at Rs 810 and Rs 796. Short-term traders can buy in declines with stop at Rs 795. However, a breach of this stop can pull the stock down to Rs 775 or Rs 756. Resistances for the week will be at Rs 842 and Rs 864.
Infosys (Rs 2,950.6)
Infosys put up a strong show, gaining Rs 167 over the last week. The stock is moving in the band between Rs 2,600 and Rs 3,000 since last October. If this is a flat formation, the stock can now break higher to Rs 3,050 or Rs 3,357 in the upcoming months. Firm close above Rs 3,000 should set the stock going.
That said the stock faces strong medium term resistance around Rs 3,000. It could be a struggle to move above it just yet. If the stock retracts, supports to watch out for in the next week are Rs 2,816 and Rs 2,716. Traders can hold their long positions only as long as the first support holds. Short term targets on the higher side are Rs 3,020 and Rs 3,142.
State Bank of India (Rs 2,416.2)
SBI blazed ahead last week, gaining 11 per cent. The medium-term outlook has turned positive for the stock with the strong move beyond Rs 2,326. Indicators in the weekly chart are supporting the view that a strong medium-term uptrend is in place. The stock is also well past its 200 day moving average. Next medium-term targets according to Fibonacci retracement targets are Rs 2,553 and Rs 2,776. Close below Rs 2,070 is needed negate the bullish medium-term view.
For the short-term, the stock can move higher to Rs 2,528 or Rs 2,550. If the stock gets past 2550, next target is 2656. Short-term supports will be at Rs 2,324 and Rs 2,242.
Tata Steel (Rs 478)
Tata Steel rose to the intra-week high of Rs 497 on Wednesday but it lost ground from that level to decline to the low of Rs 470. The stock faces strong medium-term resistance in the zone between Rs 478 and Rs 491. The fact that it is reversing lower from this zone implies that it can now spend some time consolidating in the zone between Rs 440 and Rs 500 before moving higher. Medium term view will, however, turn negative only on close below Rs 440. Move beyond Rs 500 will take the stock higher to Rs 525 or Rs 570.
The short-term decline will find support at Rs 470 and Rs 458 in the upcoming sessions. Fresh long positions should be avoided on decline below Rs 458. Next target is Rs 432.
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