It was a great week for Reliance Industries. It zoomed 8.5 per cent with good volumes, breaching the upper boundary of the sideways consolidation range. Moreover, the stock has decisively breached its 50- and 200-day moving averages and is hovering well above them. The daily indicators have entered the bullish zone from the neutral region.

With this up-move the stock has altered its medium-term downtrend and is likely to trend higher and test resistances at Rs 900 and then at Rs 920 in the forthcoming weeks. Traders with medium-term perspective can consider buying the stock with stop-loss at Rs 840.

Immediate significant supports for the stock are positioned at Rs 830 and Rs 810. As long as the stock trades above Rs 810, its short-term trend remains up. A strong fall below this level will mitigate the uptrend and drag the stock down to Rs 780 or to Rs 765.

State Bank of India (Rs 1,953.6)

SBI breached its key support in the band between Rs 1,975 and Rs 2,000 and declined to take support at Rs 1,900, in line with our expectations in the previous week. However, the stock’s key support at Rs 1,900 cushioned it. The stock gained 2 per cent on Friday. For the week, the stock is down 1.8 per cent.

Short-term trend is still down and will continue to remain so as long as the stock trades below Rs 2,186 levels. Traders with a short-term perspective should tread with caution as long as the stock trades under Rs 2,186 levels. Immediate key resistances are pegged at Rs 2,000, Rs 2,065, Rs 2,150 and Rs 2,186.

Medium-term trend has been down for the stock from its January peak of Rs 2,550 levels, forming lower peaks and troughs. Only an emphatic rally above Rs 2,300 will alter this medium-term downtrend and take the stock higher to Rs 2,425 levels.

Strong fall below Rs 1,900 support will reinforce the bearish momentum and pull the stock down to Rs 1,800 in the medium-term.

Infosys (Rs 2,493.2)

Last week, the stock advanced 3 per cent with good volume. Short-term trend has been up for the stock since taking support at around Rs 2,200 levels in late April. The daily oscillators and indicators have entered the positive territory from the negative territory indicating upward momentum. Continuation of the stock’s uptrend will push the stock northwards to Rs 2,550 or Rs 2,625 in the near future. Traders with short-term perspective can consider holding their long positions with stop-loss at Rs 2,370 level.

Strong breakthrough of Rs 2,625 will pave the way for an up-move to Rs 2,700. Investors with medium-term perspective can consider buying the stock with stop-loss at Rs 2,200 levels.

Conversely, strong fall below Rs 2,200 will pull the stock down to Rs 2,000 in the medium-term. Significant immediate support is positioned at Rs 2,400 levels.

Tata Steel (Rs 273.8)

The stock gained 3.6 per cent on Friday, recouping its initial loss and finished the week on positive note marginally. Nevertheless, medium as well as short-term trends are still down for the stock. We restate that short-term traders should tread with caution in the ensuing week also. Important resistances for the stock are positioned at Rs 290, Rs 300 and Rs 320.

As long as the stock trades below Rs 320 levels its short-term trend will stay down. Key medium-term resistance above Rs 320 is at Rs 365. Immediate support for the stock is at Rs 266. A decisive dive below this support can drag the stock down to Rs 250 in the weeks ahead.

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