In the midst of choppiness, the stock advanced 2 per cent with good volume last week. The stock is hovering well above its 50 and 200-day moving averages.

The daily relative strength index is featuring in the bullish zone and the weekly RSI is on the brink of entering this zone from the neutral region. Short-term trend is up for the stock.

Traders with short-term perspective can considering holding their long positions with revised stop-loss at Rs 850 levels.

The stock can continue its uptrend and test resistances at Rs 900 and then at Rs 920 in the approaching trading sessions.

The stock has key supports at Rs 830 and Rs 810.

Short-term trend will remain up as long as the stock trades above Rs 810.

A decisive decline below Rs 810 will mar the stock’s uptrend and pull it lower to Rs 780 or Rs 765 in the medium-term.

State Bank of India (Rs 1,894.7)

The stock failed to sustain its initial gains and declined 3 per cent last week. However, it is testing its key support at Rs 1,900 levels from which it had rebounded recently. It is hovering well below its 50 and 200-day moving averages.

The daily moving average convergence divergence indicator is displaying positive divergence indicating near-term trend reversal is on the cards. An upward reversal once again will take the stock higher to Rs 2,000 or Rs 2,065 in the near-term.

As long as the stock trades below Rs 2,186 levels, its short-term trend will be down.

The stock has been on a medium-term downtrend from its January 2013 peak of Rs 2,250 levels.

A strong rally above Rs 2,300 is required to revise the stock’s downtrend and take it higher to Rs 2,425 levels.

But an emphatic decline below the support level at Rs 1,900 will strengthen bearish momentum and pull the stock down to Rs 1,800 levels in the medium-term.

Infosys (Rs 2,454.4)

Infosys was volatile and fell 1.6 per cent last week. However, its short-term trend has been up since late April 2013. The daily moving average convergence divergence indicator has been moving higher in line with the stock price since late April implying upward momentum. Short-term traders can continue to hold their long positions while maintaining stop-loss at Rs 2,370 level.

Upside targets are Rs 2,550 and Rs 2,625 levels. Conclusive upward breakthrough of Rs 2,625 will take the stock higher to Rs 2,700 in the medium-term. Investors with medium-term perspective can consider buying the stock with stop-loss at Rs 2,200 levels.

Immediate significant supports to watch ahead are at Rs 2,400, Rs 2,300 and Rs 2,200 level.

Tata Steel (Rs 264.8)

Tata Steel fell Rs 9 or 3.3 per cent in the previous week. Both medium and short-term trends are still down for the stock. The stock is trading well below its 50 and 200-day moving averages. The daily and weekly relative strength indices are featuring in the bearish zone.

We reiterate that short-term traders should tread with caution in the upcoming week. Important resistances for the stock are placed at Rs 282, Rs 290, Rs 300 and Rs 320.

Short-term trend will remain down as long as the stock trades below Rs 320 levels.

The stock is testing its key support at Rs 266. A weak opening next week will reinforce bearish momentum and pull the stock down to Rs 250 in the approaching trading sessions. Next key support is at Rs 230 levels.

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