INFY, RELIANCE,SBI, TATA STEEL SUPPORTS & TARGETS....!!

Pivotals: Reliance Industries (Rs 893.6)
YOGANAND D.December 21, 2013: 
The stock was volatile in the previous week, though it rebounded after testing the lower boundary of the sideways range at Rs 840. It surged 4.5 per cent on Friday, turning its earlier loss into a gain of 3.5 per cent. With this rally, the stock has slightly breached the upper boundary at Rs 885 and short-term outlook appears positively biased. There has been an increase in daily volumes in the past three trading sessions. Moreover, indicators in the daily chart have entered the bullish zone implying upward momentum. The daily moving average convergence divergence indicator has signalled a buy. The stock has leapfrogged over its 21- and 50-day moving averages indicating bullish momentum. Short-term traders can consider going long with a stop-loss at Rs 880. Targets are Rs 910 and then Rs 930.
The stock extended its medium-term sideways consolidation in the wide band between Rs 770 and Rs 930. Strong rally above Rs 930 will pave the way for a rally to Rs 955 in the medium-term. Key supports to watch for next week are pegged at Rs 860, Rs 840 and Rs 820.
State Bank of India (Rs 1,751.8)
This stock was also choppy last week and finished on a marginally positive note. However, its short-term trend remains indecisive. It is likely to move sideways in the range between Rs 1,675 and Rs 1,920 in the ensuing weeks. Short-term trend will be decided only if the stock moves out of this phase. Hence, traders should tread with caution as long as the stock is in this zone. Significant immediate resistance is at Rs 1,810. A rally above this level can test the upper boundary at Rs 1,920 in the near-term. Resistance beyond this level is placed at Rs 2,015 and Rs 2,065.
On the other hand, a strong tumble below Rs 1,675 can drag the stock down to Rs 1,600 in the near-term. Next important support is at Rs 1,500.
Infosys (Rs 3,552.3)
Infosys was in the limelight as it moved out of the sideways band and has jumped 5.3 per cent, with good volume, for the week. It is nearing the key resistance at Rs 3,600 mentioned in this column last week. But the indicators in the daily chart are about to reach the overbought levels signalling minor correction is on the cards. Therefore, inability to rally above Rs 3,600 will be the cue for short-term traders to take profits off the table at that juncture. An emphatic rally above Rs 3,600 can take the stock northwards to Rs 3,750 and then to Rs 4,000 in the medium-term. Investors with medium-term perspective can remain invested with a stop-loss at Rs 3,000 levels.
On the other hand, a decisive fall below the immediate support at Rs 3,450 can drag the stock down to Rs 3,350 and then to Rs 3,250. Subsequent important supports below these levels are at Rs 3,150 and Rs 3,000.
Tata Steel (Rs 417.8)
The volatile movement continued in the stock and it marginally advanced in the previous week. As long as the stock trades above Rs 370 its short-term trend stays bullish. Only a strong move above the immediate resistance at Rs 423 will reinforce strength and accelerate the stock higher to Rs 440 and Rs 450 band. In that scenario, short-term traders can initiate long positions with Rs 423 as a stop-loss. Immediate supports are at Rs 410 and Rs 400. But a decisive fall below Rs 400 can pull the stock down to Rs 386.
Medium-term trend for the stock has been up since its August low of Rs 195. Investors can prolong their long holding with a stop-loss at Rs 320.
(This article was published on December 21, 2013)

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