Reliance Industries is range-bound between Rs 840 and Rs 885 over the last four weeks. A break-out on either side of this range will decide the short-term trend. However, since the 200-day moving average, currently at Rs 842 is providing a strong support, the bias is towards a bullish break above Rs 885. Short-term traders can go long on declines to Rs 845 with a stop-loss at Rs 830. The targets on a breach of Rs 885 will be Rs 900 and Rs 915. On the other hand, decline below Rs 840 will be bearish for the targets of Rs 820 and Rs 800.

For the medium-term, the stock is ranged between Rs 770 and Rs 930. A breakout on either side of Rs 770-930 will decide the trend thereafter. The target on a breach of Rs 930 will be Rs 1,050. Decline below Rs 770 can take the stock lower to Rs 650.

State Bank of India (Rs 1,861.8)

The stock has risen 2.2 per cent for the week, its second consecutive higher weekly close. The short-term outlook is bullish. Hold on to the long positions and retain the stop-loss at Rs 1,775. Traders have to be little cautious as the stock is approaching a critical short-term resistance at Rs 1,920. Profits can be booked if the stock fails to breach Rs 1,920 in the coming week. On the other hand, if the stock breaks above Rs 1,920, the uptrend would gain momentum and will target Rs 1,960 and Rs 2,000.

However, the medium-term trend is down in SBI. The stock has to surpass its key resistance at Rs 2,100 to reverse this down trend. The important medium-term support is at Rs 1,450.

Infosys (Rs 3,326.6)

Infosys continues to move sideways between Rs 3,250 and Rs 3,450. The stock has to break this range on either side to give a clear trend signal. However, the price action last week is giving a bearish signal for the short-term. The turnaround from Rs 3,400 is signalling a head and shoulder formation . So, caution is needed for short-term traders holding long positions in this stock. Exit the longs if the stock declines below Rs 3,250. Fresh short position can be taken with a stop-loss at Rs 3,360 if the stock declines below Rs 3,250 decisively for a target of Rs 3,100 and Rs 3,000.

However, the medium-term view is bullish with key supports at Rs 3,000 and Rs 2,800. The stock can target Rs 3,700 over this time period.

Tata Steel (Rs 422.6)

Tata Steel remains in a strong uptrend and has surged further by 5.4 per cent last week. The short-term outlook is bullish with key supports at Rs 413 and Rs 406. Only a decisive break below Rs 406 will bring in pressure to the recent uptrend. Target below Rs 406 will be Rs 390. Short-term traders can hold their long positions and accumulate on declines with a stop-loss at Rs 403. The uptrend can extend further to Rs 440 and Rs 470. Although the recent rally from August has decisively reversed the down trend since 2011, the stock is nearing a critical long-term resistance placed at Rs 470. Whether this resistance holds or is getting broken will decide the trend going forward.

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