SBI inched up 1 per cent in the past week, amidst volatility. However, the stock continues to test its significant resistance in the band between ₹2,030 and ₹2,050. The stock can remain in the trading range of ₹1,900-₹2,050 for a while before resuming its medium-term uptrend. An emphatic breakthrough of ₹2050 will pave way for an up move to ₹2,200 and then to ₹2,300. In such a scenario, traders with short-term perspective can buy the stock with a stop-loss at ₹2,040. On the downside, a decline below ₹1,900 can pull it down to ₹1,800 or even ₹1,700 in the short term. The medium-term trend has been up for the stock since February 2014 low of ₹1,455. Investors with a medium-term perspective can hold the stock with a stop-loss at ₹1,650.

ITC (₹353.2)

The stock gained 2.7 per cent, taking support around ₹335 last week. This rally indicates bullishness, as the stock is reversing higher, taking support from its 50-day moving average and forming a bullish engulfing candlestick pattern at this level. Therefore, investors with a short- as well as medium-term perspective can buy the stock with a stop-loss at ₹343 and ₹335 respectively. The stock now hovers well above its 50- and 200-day moving averages. The indicators in the daily chart have reversed higher and are on the brink of entering the bullish zone from the neutral region. Immediate key supports to watch are at ₹344, ₹335 and ₹330. Continuation of the stock’s current rally can test resistances at ₹362 initially and then at ₹379 in the medium term.

Infosys (₹3,189.9)

Last week, the stock declined over 1 per cent, after a choppy session. Its announcement of Q4 earnings and guidance had very little impact on the stock, as it was already factored in the price, which fell steeply in early March. The stock still tests a key support zone between ₹3,200 and ₹3,220. Its relative strength index and moving average convergence divergence indicators in the daily chart, show positive divergence implying short-term trend reversal. Traders should tread with caution as long as the stock tests the this mentioned support zone. Only a strong move above ₹3,250 will be cue for initiating long positions with a stop-loss at ₹3,200. The stock can trend higher to ₹3,350 and ₹3,450 in the short term. Key supports are at ₹3,100 or ₹3,000. Investors with a medium-term perspective can hold the stock with a stop-loss at ₹3,000.

Reliance Industries (₹958.7)

The stock of RIL was volatile too and managed to advance marginally last week. Nevertheless, the stock faces resistance at ₹970. Traders with a short-term perspective can desist trading as long as the stock tests this resistance level. A strong breakthrough of this resistance is needed to reinforce the bullish momentum and accelerate the stock northwards to ₹1,000 in the medium term. The indicators in the daily chart hover in the bullish zone, displaying negative divergence. Any corrective decline will find support at ₹930 or ₹910 in the near term. Medium-term trend has been up for RIL since late February low of ₹794. Investors can make use of the correction in the stock to buy it while retaining a stop-loss at ₹885 levels. The stock can trend to ₹1,000 and then to ₹1050 in the ensuing weeks.

Tata Steel (₹418.8)

Tata Steel tested its current support at ₹420 last week. The short-term trend is up for the stock. It trades well above its 21- and 50-day moving averages. The indicators in the daily chart feature in the bullish zone, indicating strong momentum. Further, indicators in the weekly chart hover in the bullish zone, signalling strength. Traders with a short-term perspective can hold their long positions with a stop-loss at ₹403. Targets are ₹430 and ₹440. Key supports are pegged at ₹410, ₹400 and ₹390. Medium-term trend has been a sideways consolidation in the wide band between ₹340 and ₹440 since December 2013. Strong breach of ₹440 will alter this trend and take the stock northwards to ₹460 levels.

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