SBI (₹2,083)

SBI surged 3.2 per cent last week, closing higher for the tenth consecutive week. Immediate support for the stock is at ₹2,040 and then at ₹2,030. The short-term trend will remain up as long as the stock trades above these support levels. The stock is likely to move up to ₹2,160 and ₹2,180 levels in the coming week. Traders with a short-term perspective can go long with a stop-loss at ₹2,020. The near-term outlook will turn negative only if SBI declines below ₹2,030. Such a break can drag it lower to ₹1,950. The medium-term outlook remains bullish with a double bottom on the chart. The neckline support is at ₹1,925. Medium-term investors can hold the stock while retaining the stop-loss at ₹1,650. Intermediate declines to ₹1,950-₹1,925 can be considered as a good opportunity to accumulate more long positions.

ITC (₹343.6)

ITC failed to sustain its gains, and tumbled during the final trading sessions, to close 2.7 per cent lower for the week. The immediate outlook is not very clear for the stock. However, a crucial short-term support is coming up at ₹338.8 which can be tested in the coming week. If ITC manages to hold above this level, the short-term outlook will remain positive. A bounce back from ₹338.8 can take the stock higher to ₹355. In such a scenario short-term traders can go long with a stop-loss at ₹330. A break above ₹355 can take the stock higher to ₹360 and ₹365. The medium-term trend is up. Key support is at ₹310. Investors with a medium-term perspective can hold the stock with a stop-loss at ₹290. A rally to ₹380 and ₹400 looks likely over the medium-term.

Infosys (₹3,174.2)

Infosys moved was range boundbetween ₹3,143 and ₹3,217. Immediate resistances are at ₹3,214 and ₹3,240. Only a breach of ₹3,240will pave way for further up move, as the stock is in a strong short-term down-trend. However, a reversal will be confirmed only on a breach of ₹3,370. Immediate support is at ₹3,140. Short-term traders can go short if the stock falls below this level. Stop-loss can be placed at ₹3,195. The stock can test ₹3,085 initially. A further break below ₹3,085 can then target ₹3,020. However, the medium-term outlook is still positive, with key psychological support at ₹3,000. A reversal from this level can target ₹3,800 and higher levels subsequently. Medium-term investors can hold the stock with a stop-loss at ₹2,850 and usedeclines to ₹3,000 to accumulate the stock.

Reliance Industries (₹947.4)

RIL spiked to an intra-week high of ₹988.9, but fell sharply thereafter to close 1.2 per cent lower for the week. The stock is struggling to breach ₹970 decisively in the last two weeks. The 21-day moving average currently at ₹939.5 is an important support. A break below this level can drag it lower to ₹915 in the coming week. In such a scenario, short-term traders can initiate short positions, with a stop-loss at ₹955. But if RIL manages to sustain above ₹939.5, it can test its resistance at ₹970 once again. Only a strong break and close above ₹970 will turn the short-term outlook bullish. However, the medium-term outlook is bullish with strong supports at ₹910 and ₹890. Medium-term investors can buy the stock on declines with a stop-loss at ₹885. A rise to ₹1,000 and ₹1,050 looks likely in the medium-term.

Tata Steel (₹426.2)

The short-term uptrend in Tata Steel remains intact. But the stock is nearing a crucial long-term resistance placed in the ₹450-460 zone. The stock is likely to move up to test this resistance zone in the coming week. Short-term traders holding long positions can book partial profits at current levels and exit as the stock rallies towards ₹440-450. Whether Tata Steel breaks its ₹450-460 resistance zone or not, will decide the subsequent trend for the stock. A break above ₹460 will be bullish and can take the stock to ₹500 initially and then to ₹600 . On the other hand, inability to breach ₹460 could turn the outlook bearish. A reversal from this level can take the stock lower to ₹400 and even ₹350.

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