http://www.thehindubusinessline.com/iw/2010/06/06/stories/2010060650080700.htm
*Pivotals: Reliance Industries (Rs 1,030.8) * ** ** ** ** ** ** ** Reliance Industries was at the centre of action last week as it collapsed to a low of Rs 840 on Tuesday making traders' heart skip a beat. Since the freak trade was remedied instantaneously, it will not have any bearing on the graph or the stock's technical outlook. Despite these gyrations, the stock has closed the week on a flat note with a doji formation in the weekly chart. The implication is that the short and medium-term views remain unchanged. Area around Rs 1,050 remains a key short-term resistance for the stock and fresh longs are advised only on a close above it. Subsequent targets are Rs 1,066 and Rs 1,093. Downward targets on failure to move above Rs 1,050 are Rs 1,003 and Rs 993. *State Bank of India (Rs 2,341.8)* SBI dipped to an intra-week low of Rs 2,200 before reversing higher to achieve our first short-term target of Rs 2,350. The stock is approaching the resistance band between Rs 2,350 and Rs 2,380. Once this band is crossed, it can move on to its previous peak of Rs 2,500. Short-term traders can therefore buy the stock on a move above Rs 2,380. Supports for the week will be available at Rs 2,290 and Rs 2,260. The medium-term trend in the stock stays sideways in the band between Rs 1,900 and Rs 2,500. Investors ought to stay a little alert since the stock is approaching the upper end of this trading band. *Tata Steel (Rs 484.8)* Tata Steel could not make any headway last week and remained confined to a very narrow band between Rs 475 and Rs 510 instead. As indicated last week, the stock has short-term resistances at Rs 526 and Rs 550. If the stock fails to move beyond Rs 526 it will denote that it can decline to Rs 440 or Rs 433 in the days ahead. The medium-term trend in this stock remains down. We retain the medium term target at Rs 410. *Infosys Technologies (Rs 2,730.5)* Infosys Technologies moved in line with our expectation, rallying to the peak of Rs 2,735 and then declining to our short-term support at Rs 2,618. We advise caution from a short-term perspective as long as the stock trades below Rs 2,735. The stock needs to close above this level to indicate that it is heading towards Rs 2,825 or Rs 2,870. The medium term view for this stock remains positive. This view will change only if the stock records a weekly close below Rs 2,300. — Lokeshwarri S.K. -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
