Technical Analysis

Pivotals - Reliance Industries (Rs 748.2)

Yoganand D. | Updated on March 09, 2018 Published on March 31, 2012

RIL managed to recover its initial loss and closed on a marginally positive note for the week. However, its short-term trend continues to be down as long as it trades below Rs 800. A decline below the immediate support at Rs 723 will pull the stock down to Rs 700 in the short-term. Next key medium-term support is at Rs 675.

On the other hand, a rally above Rs 770 is needed to push the stock higher to Rs 783 or to Rs 800. A decisive move above Rs 810 will amend the downtrend and lift the stock to Rs 830. Resistance above this level is at Rs 864.

Infosys (Rs 2,864.9)

The stock was volatile and remained largely range-bound between Rs 2,810 and Rs 3,000. After testing the lower boundary of this sideways movement, the stock bounced up 2.7 per cent with above average volumes on Friday.

Short-term traders should tread with caution as long as the stock remains in this trading band. Only a strong rally above Rs 3,000 will pave way for an up move to Rs 3,300 in the medium-term with likely halt at Rs 3,100 and Rs 3,200.

Near-term resistance is at Rs 2,935.

On the downside, a tumble below Rs 2,810 can drag the stock down to Rs 2,744 and to Rs 2,700.

State Bank of India (Rs 2,095)

In line with our expectation, the stock trended downwards last week. It declined by 3 per cent. The stock currently faces resistance at Rs 2,130.

An emphatic rally above this level will take the stock northwards to Rs 2,220 and then to Rs 2,270. Next key resistances are pegged at Rs 2,350 and Rs 2,450. Fresh long position is recommended only if the stock moves above Rs 2,130 levels.

Conversely, a decline below Rs 2,050 will pull the stock down to Rs 2,000 and Rs 1,936. Medium-term uptrend will be in place as long as the stock hovers above Rs 1,936 levels.

Tata Steel (Rs 470.4)

The stock bounced up strongly in the later part of the week, after initially declining to an intra-week low of Rs 438. After gaining 4.6 per cent for the week, the stock is currently testing its significant resistance at Rs 470.

Strong close above this level will be cue for initiating long position while maintaining stop-loss at Rs 470. Upside targets are Rs 490 and Rs 500. Subsequent medium-term resistances are positioned at Rs 520 and Rs 540.

Medium-term trend will be decided only a conclusive breakout of the sideways movement between Rs 420 and Rs 500. Supports for the week ahead are pegged at Rs 450, Rs 440, Rs 420 and Rs 400.

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