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Pivotals: Reliance Industries (Rs 898)
The truncated week saw RIL move up smartly to move briefly above Rs 900 on Friday. It will be interesting to see if the stock garners strength to move above the 200 DMA present at Rs 904. Short-term reversal from this zone can drag the stock lower to Rs 847 or Rs 830. Traders can buy in declines as long as the stock trades above the first support. Reversal above this level will take the stock up to Rs 920 or Rs 970. Supports on decline below Rs 830 are at Rs 809 and Rs 787.
The medium-term trend in the stock is down. But it is reversing from its key long-term support zone between Rs 700 and Rs 750. Investors with greater penchant for risk can therefore buy the stock in declines with stop at Rs 700.
State Bank of India (Rs 1,907)
SBI put up a disappointing show last week, closing Rs 41 lower. Short-term traders can, however, hold their long positions with stop at Rs 1,800. If the stock holds above this level, rally to Rs 2,000 or Rs 2,106 is possible in the upcoming sessions. However longs should be avoided on decline below Rs 1,800 since that will mean that the stock is heading towards the trough at Rs 1,710.
If we follow classic trend-following methods, SBI is in a severe medium-term downtrend. However the stock is holding around the key long-term support zone between Rs 1,700 and Rs 1,900. Next long-term support that investors can watch out for is the July 2009 trough formed at Rs 1,510.
Tata Steel (Rs 480.6)
It was a sparkling week for Tata Steel as it rocketed to close 12 per cent higher. Next short-term target for the stock is Rs 503 and then Rs 515. However, if the stock decides to take a breather in the early part of the week, it can ease lower to Rs 454 or Rs 430. Traders can hold their long positions as long as the stock trades above the first support.
The stock faces key medium-term resistance at Rs 515. Reversal below this level will result in the stock moving sideways in the band between Rs 400 and Rs 500 for few more weeks. Conversely, strong move past Rs 515 will pave the way for rally to Rs 553 or Rs 592.
Infosys (Rs 2,859.6)
Infosys too blazed ahead last week to close Rs 136 higher. It moved past our outermost short-term target at Rs 2,900 to record the intra-week high of Rs 2,971. The stock is now approaching a key medium-term resistance zone around Rs 3,000. Move above this level will mean that the stock can move on towards its life-time high of Rs 3,500 in the upcoming weeks.
Investors should however desist from initiating fresh long positions if the stock fails to move beyond Rs 3,000 early next week. That would imply an impending decline to Rs 2,730 or Rs 2,660 in the upcoming sessions. The short-term uptrend will, however, not be threatened unless the stock goes on to close below the second support.
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