After falling to an intra-week low of Rs 765 on February 27, RIL recouped most of its losses in the later part of the week. The stock is currently facing resistance at its 200-day moving average as well as a key medium-term resistance level at Rs 833. Only a strong close above Rs 833 will reinforce the bullish momentum and take the stock higher to Rs 848 and Rs 858. But inability to move above Rs 833 will once again pull the stock down to Rs 796. Therefore, short-term traders should tread with caution in the ensuing week. Next key supports are at Rs 776 and Rs 760.

A strong close above Rs 858 is required to take the stock higher to Rs 880 and then to Rs 902. Important medium-term resistances after this level are pegged at Rs 938 and Rs 960.

Infosys (Rs 2,859.4)

Infosys reversed downwards from the significant medium-term resistance at Rs 3,000, forming a bearish engulfing candlestick pattern in the previous week. Short-term traders can initiate fresh short positions only if the stock fails to move above Rs 2,900 levels, while maintaining stop-loss at this level. Downside targets are Rs 2,780 and Rs 2,700. Conversely, a rally above Rs 2,900 will retest the key medium-term resistance at Rs 3,000.

A conclusive breakthrough of this resistance is necessary to strengthen the medium-term uptrend and push the stock higher to Rs 3,300 in the months ahead. Short-term resistances above Rs 3,000 are at Rs 3,050 and Rs 3,160. Medium-term uptrend will be mitigated only if the stock declines below the key support level at Rs 2,580.

State Bank of India (Rs 2,250.7)

SBI was volatile in the previous week and is moving sideways in the range between Rs 2,130 and Rs 2,300. Short-term traders should avoid trading in the stock as long as it trades in the aforesaid range. A strong drop below Rs 2,130 will be cue for initiating fresh short positions. In that case, the stock can decline to Rs 2,070. A decline below Rs 2,070 will threaten the stock's medium-term uptrend and pull it down to Rs 2,000. Subsequent support is at Rs 1,936.

Nevertheless, a rally above Rs 2,300 can push the stock higher to Rs 2,350 or to Rs 2,400. Important medium-term resistance is positioned in the zone between Rs 2,450 and Rs 2,500.

Tata Steel (Rs 466.9)

The stock has been consolidating sideways in the broad range between Rs 440 and Rs 500 over the past three weeks. Fresh short positions can be initiated if the lower boundary of Rs 440 is penetrated. This will mitigate the stock's medium-term uptrend that has been in place since its January trough of Rs 332 levels. It can pull the stock down to Rs 420 and to Rs 400 in the forthcoming weeks.

Strong close above the upper boundary at Rs 500 will pave the way for an up move to Rs 525 and to Rs 570 in the medium-term. Immediate support and resistance are at Rs 458 and Rs 491 respectively.

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