SBI (₹303.3)

The stock of SBI slumped 3.8 per cent last week, reversing down from slightly below its key resistance level of ₹320. It is currently testing its support at ₹300. A conclusive fall below this level will strengthen the bearish momentum and pull the stock down to ₹295 and then to ₹287 levels in the short term. Traders with a short-term perspective can initiate short position on a fall below ₹300 levels with a stop-loss at ₹305 level. In such a scenario, the short-term trend will turn bearish from sideways. Key resistances to note are at ₹315 and ₹320 levels. The medium-term trend is up and will stay in place as long as the stock trades above ₹270 levels. Investors can hold the stock with a stop-loss at around ₹265. Strong rally above ₹327 can take the stock northwards to ₹340 or ₹350 in the medium term.

ITC (₹356.7)

The stock of ITC fell 3 per cent last week, after witnessing selling pressure. The short-term downtrend is getting stronger as the stock is hovering well below its moving averages. The indicators and oscillators in the daily chart have entered the bearish zone backing the downtrend. Those in the weekly chart are also moving down, signalling weakness. Traders with a short-term view can initiate fresh short position while maintaining a stop-loss at ₹364. The stock can decline to ₹352; further fall below this can pull it down to supports at ₹345 and ₹340. On the upside, the stock has key resistances at ₹370, ₹378 and ₹390. The medium-term uptrend is losing momentum and a fall below ₹345 can take the stock to ₹330. Investors with a medium-term perspective can exit the stock and re-enter at lower levels.

Infosys (₹2073.6)

After a volatile session, the stock of Infosys broke its key resistance at ₹2,020 and gained 5 per cent on Friday, triggered by good Q3 results. For the week, the stock gained 3 per cent. The short-term outlook is bullish. The stock hovers well above its moving averages. There has been an increase in daily volume over the past three trading sessions. The daily and weekly relative strength indices have entered the bullish zone. Traders with a short-term horizon can hold their long position and accumulate with a stop-loss at ₹2,020. Targets are at ₹2,100 and ₹2,200 levels. On the downside, an emphatic fall below ₹2,020 will have bearish implications and pull the stock down to ₹1,950 and ₹1,900. Next support is at ₹1,800. Investors with a medium-term perspective can hold the stock with a stop-loss at the ₹1,800 levels.

RIL (₹860.4)

After tumbling 6 per cent to record an intra-week low at ₹832, the stock recouped part of its loss during the week. Both the medium and short-term trends are down for RIL. Nevertheless, the stock found support at around the level of ₹840, a significant long-term support, and bounced back. On its journey up, the stock has multiple key hurdles at ₹865, ₹880 and ₹900. It needs to clear all these levels to reinforce bullish momentum and take it higher to ₹925 in the short term. On the other hand, the inability to surpass these levels can pull the stock down to test its support at ₹840. Therefore, traders with a short-term view should tread with caution in the ensuing week. Supports below ₹840 are at the levels of ₹820 and ₹800. Investors with a medium-term perspective should desist trading at this juncture.

Tata Steel (₹399.5)

After a positive start, the stock lost its bullish momentum and plunged to test its support at ₹390 levels. The stock has been on a short-term sideways trend in the band between ₹390 and ₹420 levels. Only a decisive break on either side will decide the stock’s short-term direction. A conclusive rally above ₹420 will pave way for an up move to ₹440 levels in the short term. In such a scenario, traders can go long. But a strong fall below ₹390 can strengthen the medium-term downtrend that has been in place since November 2014. Next supports are placed at ₹380 and ₹370 levels. The stock hovers well below its 50- and 200-day moving averages. The indicators in the daily chart emit mixed signals. Traders should tread with caution as long as the stock trades between ₹390 and ₹420.

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