Shriram Transport Finance nosedived 13.7 per cent, breaking through its key short-term support at around Rs 500, in the previous week. This decline has reinforced the intermediate-term downtrend that has been in place since its November 2010 peak of Rs 899. Medium-term trend is also down for the stock from September 2011 high of Rs 707. There can be a minor corrective up move to Rs 460 or to Rs 500, as the stock has fallen steeply recently. However, the possibility of declining further and testing the stock's long-term support at Rs 400 is on the cards. Next long-term supports are at Rs 350 and Rs 300. Significant medium-term resistances are at Rs 570 and Rs 610.

Syndicate Bank (Rs 74.10)

The stock plummeted 16.7 per cent in the last week, penetrating key long-term supports at around Rs 90 and then at Rs 80. The stock has reached oversold levels, as its daily indicators and oscillators are featuring in the oversold territory. Moreover, the stock has breached the lower boundary of the Bollinger bands signalling oversold levels. Therefore, we don't rule out a minor corrective rally to Rs 80 and then to Rs 85 in the short-term. Next important resistances are at Rs 90 and Rs 97. Failure to surpass Rs 80 will pull the stock lower to Rs 71. Long-term trend is down for the stock ever since its life-time high of Rs 164 was marked in November 2010. Strong breach of Rs 71 will pull the stock down to Rs 65 in the medium term.

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