*Pivotals: Reliance Industries (Rs 1,009.6) * **
** ** ** ** ** ** RIL appears to have conclusively breached the lower boundary of its sideways consolidation range and the 50 as well as 200-day moving average which were poised around Rs 1050 last week. It is pausing just above its key intermediate-term support level of Rs 1,000. Hence, traders holding short positions should tread cautiously until the stock breaches this support emphatically. Subsequent targets are at Rs 986 and Rs 976. Near-term resistances are at Rs 1,030 and Rs 1,050. We re-affirm that the stock is in a medium-term downtrend. But it has strong support just below, at Rs 950. Next medium term support is at Rs 850. An up-move above Rs 1,090 is needed to mitigate this downtrend. State Bank of India (Rs 2,503.8) Last week the stock witnessed volatile movement. SBI finally ended the week with an advance of Rs 9, with above weekly average volume. It is re-testing important near-term resistance level of Rs 2,500. A healthy surge above Rs 2,500 will push the stock to Rs 2,550 in the near-term. Short-term traders holding long positions can continue to do so with stop-loss at Rs 2,450. However, failure to surpass the current resistance will pull the stock once again to Rs 2,450 and then to Rs 2,400. The medium-term trend is still in sideways consolidation in a broad range between Rs 1,900 and Rs 2,500. Strong rally above Rs 2,500 would lead the stock to Rs 2,650 in the medium-term. Tata Steel (Rs 537.1) The stock moved sideways last week in a narrow band between Rs 530 and Rs 545. The key medium-term resistance is ahead at Rs 550, and together with last week's subdued stock movement with below average volume, gives short-term cautiousness. Short-term traders holding long positions can book profits if the stock reverses from Rs 550 Those with higher risk appetite can hold the stock with stop at Rs 520 and the near-term target of Rs 560. A dive below Rs 520 will pull the stock lower to Rs 500 and Rs 480. The medium-term trend remains down for the stock since April this year. Strong move above Rs 575 would mitigate this downtrend. Infosys Technologies (Rs 2,788.8) Infosys Technologies moved up initially to an intra-week high of Rs 2,840 before declining. The stock has formed a doji candlestick pattern in weekly charts, signalling a neutral near-term stance. The stock is once again testing its key resistance level of Rs 2,800. We expect the stock consolidate sideways in the range between Rs 2,740 and Rs 2,840 in the coming week. Key support and resistance beyond this range are at Rs 2,700 and Rs 2,870 respectively. The stock has been on a medium-term uptrend since this February. Investors with a medium-term horizon can continue to hold the stock with stop at Rs 2,600. — Yoganand D http://www.thehindubusinessline.com/iw/2010/08/01/stories/2010080150420900.htm -- 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.
