RIL is testing its key resistance level at Rs 740, having advanced 2.4 per cent for the week. Fresh long position is recommended if the stock attempts to move above this level conclusively.

Upside targets for the stock are Rs 765 and Rs 790.

But, a drop below its immediate support level at Rs 713 will pull the stock down to Rs 700 and to Rs 690 in the short-term.

The stock continues to be in a medium-term downtrend. Strong breakthrough of Rs 700 can drag the stock lower to Rs 650. Only an emphatic move above Rs 810 will reverse the medium-term downtrend.

Infosys (Rs 2,585.5)

Infosys hovered around Rs 2,850 levels till its Q3 results announcement was made last week. The stock plummeted steeply following this, breaking its medium-term uptrend line that was in place from its September 2011 trough.

It has tumbled almost 9 per cent with extra-ordinary weekly volumes, forming a bearish engulfing candlestick in the weekly chart.

However, the stock is presently testing its long-term support at Rs 2,590 levels.

Short-term traders can consider initiating long position only if the stock reverses higher and moves above Rs 2,665. In that case the stock can witness a move to Rs 2,695 and to Rs 2,744, floor of recent gap. Conversely, strong dive below Rs 2,590 will pull the stock down to Rs 2,510 and to Rs 2,440.

State Bank of India (Rs 1,777.1)

The stock surged 6.4 per cent penetrating the resistance at Rs 1,720 in the previous week. It is facing its next resistance at Rs 1,810 levels. Short-term traders can initiate fresh long position if the stock makes a strong move above this resistance, but with stiff stop-loss. Targets are Rs 1,890 and Rs 1,936.

Next key resistance is at Rs 2,005. On the other hand, drop below Rs 1,720 will reinforce the bearishness and pull the stock down to Rs 1,630 and to Rs 1,576 in the short-term.

Medium-term trend remains down as long as the stock trades below Rs 2,050 levels. A decisive move above this level will alter the downtrend and lift the stock higher to Rs 2,200 in the medium-term.

Tata Steel (Rs 415.7)

Tata Steel gained 14.6 per cent accompanied by good volumes last week. It surpassed our second price target mentioned a week before.

The stock reversed it short-term trend upwards and is currently testing resistance at Rs 420.

Traders can hold their long positions with stop loss at Rs 403. Strong move above Rs 420 will take the stock higher to Rs 434 and Rs 450. Immediate support is at Rs 390.

However, a decline below the key level Rs 380 will mar the stock's short-term uptrend and drag it down to Rs 365. Next support is pegged at Rs 335.

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