RIL was volatile and ended the week marginally higher by adding Rs 4. We reiterate that the stock's short-term trend will continue to be down as along as it trades below Rs 800. The stock is trading well below its 50- and 200-day moving averages now. But an up move above Rs 770 can lead to a corrective rally to Rs 783 or Rs 800.

Strong breakthrough of Rs 810 is needed to alter this downtrend and lift the stock higher to Rs 830 in the forthcoming months. Next important resistance is at Rs 864. On the other hand, tumble below the stock's immediate support at Rs 723 can strengthen its downtrend and pull it down to Rs 700. Key medium-term support below Rs 700 is pegged at Rs 675.

Infosys (Rs 2,403.3)

It was a disaster week for the Infosys as it plunged by Rs 447 or 15 per cent impacted by lower growth outlook for FY13. This decline has mitigated the stock's medium-term uptrend. However, the stock is hovering just above its long-term support band between Rs 2,360 and Rs 2,380. As the stock has declined steeply, its daily indicators are hovering in the oversold levels. Moreover, the stock breached the lower boundary of the daily Bollinger Band signalling oversold. Short-term traders can initiate fresh long position with stop-loss at Rs 2,360. Upside targets are Rs 2,480 and Rs 2,540. Subsequent resistances are at Rs 2,580 and Rs 2,670.

But a strong decline below the aforementioned long-term support will reinforce medium-term bearish momentum and pull the stock down to Rs 2,270 and then to Rs 2,200 in the upcoming weeks.

State Bank of India (Rs 2,211.4)

After a weak start, the stock managed to advance 2 per cent for the week. Short-term trades can prolong holding their long position with stop-loss at Rs 2,150. Targets are Rs 2,315 and Rs 2,370. Important long-term resistance is in the zone between Rs 2,450 and Rs 2,500. Only a strong rally above this resistance zone will strengthen the stock's medium-term uptrend that has been in place since last December trough and take the stock northwards to Rs 2,600.

Conversely, decline below Rs 2,130 can drag the counter lower to Rs 2,050 and to Rs 2,000. A fall below the next support at Rs 1,936 will mar the uptrend and tow the stock lower to Rs 1,830.

Tata Steel (Rs 449.7)

The stock failed to surpass the key resistance at Rs 470 last week. Instead it slumped 5 per cent. Short-term traders should tread with caution in the forthcoming week as the stock is moving sideways above a key support at Rs 440. Decisive fall below Rs 440 will be an indication for initiating fresh short positions with stop at same level. Downside targets are Rs 420 and Rs 400.

Nevertheless, immediate resistance is pegged at Rs 470. A jump above this level will take the stock higher to Rs 490 or Rs 500 in the short-term. An emphatic rally above Rs 500 is required to pave way for a medium-term up move Rs 520 or to Rs 540.

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