RIL: it has took on the responsibility of keeping the Sensex propped above 16,000 towards the middle of last week; surging more than Rs 200 in three sessions.
Although traders appeared hesitant towards weekend, the stock closed 8 per cent higher for the week. Strong volumes recorded on the days the stock closed higher is a positive.
But RIL has not yet moved above the key medium-term resistance at Rs 2,200 that we have been watching. We adhere to the view that the medium-term trend remains down as long as the stock trades below this level. A reversal from here can cause the third leg down from the May peak to kick-off that can drag the stock lower to Rs 1,727 or Rs 1,667.
The short-term trend is however strong and investors can hold the stock with a stop at Rs 2,070. Target on a move above Rs 2,200 are Rs 2,307 and Rs 2,372.
SBI : appears to have been goaded into action last week and surged to an intra-week high of Rs 1,928.
Despite the strong close, the stock continues to trade close to the critical resistance at Rs 1,900. As we have been maintaining, a reversal from here can pull the stock lower to Rs 1,500 again whereas a strong close above Rs 1,950 will signal that the stock is heading towards its all-time high.
Fresh purchases are therefore recommended only on a firm close above Rs 1,950.
The short-term trend in the stock is up and if the rally continues, subsequent targets are Rs 1,990 and Rs 2,075. Short-term traders can, therefore, hold the stock with a stop at Rs 1,840. Next support is at Rs 1,795.
Tata Steel (Rs 469.1): Tata Steel moved well past our short-term target of Rs 460 to close 9 per cent higher for the week. The up-trend from the trough at Rs 408 appears strong and the stock could move on to Rs 496 or Rs 508 in the near-term. Short-term traders can hold their long positions with a stop at Rs 448.
Investors with a medium-term perspective should, however, exercise caution since the stock is nearing key resistance zone between Rs 460 and Rs 500. Another reversal from here can pull the stock lower to Rs 360 again.
Infosys (Rs 2,266): Infosys moved sideways with a positive bias last week before closing with a marginal 3 per cent gain. The move last week appears to be a running correction that can be followed by another leg higher to Rs 2,342 or Rs 2,439. Short-term investors can therefore hold the stock with a stop at Rs 2,100.
We retain the view that the medium-term outlook stays positive as long as the stock stays above Rs 1,950. Immediate medium-term target for the stock is Rs 2,439.
ONGC did not emulate its other large-cap peers and remained stuck in the range between Rs 1,140 and Rs 1,200 last week as well. Target on a break-out above Rs 1,200 stays at Rs 1,356.
Short-term investors can hold the stock with a stop at Rs 1,115.
Next support for the stock is at Rs 1,060.
Maruti Suzuki (Rs 1,467.2)
MSIL launched in to a gentle correction last week. Immediate supports for the stock are at Rs 1,410 and Rs 1,370. Short-term investors can hold the stock as long as it trades above Rs 1,370.
We maintain that the long-term trend will stay positive as long as the stock stays above Rs 1,248.
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