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Reliance Industries (Rs 820.3)
RIL was choppy in the previous week and finished on a flat note. The stock is testing its 21- and 200-day moving averages, just above key support level of Rs 810. The next key support is pegged at Rs 796. Strong decline below Rs 796 will mitigate the short-term bullish momentum and pull the stock down. In that case, traders with short-term perspective can initiate fresh short positions with downward targets at Rs 776 and Rs 760.
Immediate resistance is at Rs 858. A decisive breakthrough of this level is needed to strengthen the bullish momentum and lift the stock higher to Rs 880 and to Rs 902. Medium-term stance will turn positive only on a strong move above Rs 902. Key medium-term resistances are at Rs 938 and Rs 1000.
Infosys (Rs 2,947.3)
This stock too was volatile and closed on an almost even note in the last week. It is facing significant medium-term resistance at Rs 3,000. Only a decisive breach of this level will pave they way for a rally to Rs 3,050 and to Rs 3,160. Traders can thus initiate fresh long positions only on a strong close above Rs 3,000. It will emphasise the stock's medium-term uptrend and take it higher to Rs 3,300 in the ensuing weeks.
However, failure to move above Rs 3,000 can reverse the stock downwards. Supports for the week ahead are pegged at Rs 2,865 and Rs 2,800. An emphatic decline below the significant support level of Rs 2,700 will negate the stock's short-term uptrend and pull it down to Rs 2,600 in the medium-term.
State Bank of India (Rs 2,206.8)
The stock's seven week rally snapped in the previous week and it tumbled 8.7 per cent or Rs 210. On February 22, the stock plunged almost 8 per cent, forming a bearish engulfing candlestick pattern signalling a short-term reversal. Traders with a short-term horizon can initiate fresh short positions with stop-loss at Rs 2,300 levels. Targets are Rs 2,130 and Rs 2,070. A fall below Rs 2,070 will mitigate the medium-term bullish stance and pull the stock down to Rs 2,000.
On the other hand, if Rs 2,130 holds, traders can take profits off the table. Key resistances above Rs 2,300 are at Rs 2,360, Rs 2,450 and Rs 2,500.
Tata Steel (Rs 475.7)
Tata Steel vacillated between an intra-week low of Rs 460 and intra-week high of Rs 501 and formed a spinning top candlestick pattern implying indecisiveness.
The stock is currently reversing downwards from the key medium-term resistance at Rs 500.
Therefore fresh long positions should be avoided at this juncture. It can remain consolidating sideways in a broad range between Rs 440 and Rs 500 for a while before attempting to move higher. Only a decisive fall below Rs 440 will alter the medium-term view to bearish and drag the stock down to Rs 420 or to Rs 400.
But, a rally above Rs 500 can push the stock upwards to Rs 525 and then to Rs 570 in the ensuing weeks.
Immediate supports are at Rs 458 and Rs 440. Resistances are positioned at Rs 491 and Rs 504.
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