SBI, Tata Steel, IndiGo: Key levels to watch on these stocks post Q3 nos

Shares of Bank of Baroda can jump 15% as it claimed a new 52-week high

Over the weekend many corporates announced their December quarter results, including the likes of Tata Steel, InterGlobe Aviation (IndiGo), Paytm, Shree Cement, SBI, Bank of Baroda and others.

Markets have cheered strong Q3 show of mostg of them, including index largecaps - Tata Steel and SBI, with steady gains in a falling markets. Similarly, brokerages too have upgraded target prices and earnings forecasts for the PSU major along with Bank of Baroda (BoB). They foresee an upside of up to 41 per cent for the banking shares. READ MORE

Meanwhile, here's what the charts foretell about these shares:

State Bank of India (SBIN)
Outlook: Selling pressure seen above Rs 540

After breaking out of the resistance at Rs 460 in late 2021, the shares of State Bank of India have moved to higher levels, as per the weekly chart. Now, this positive momentum is witnessing some selling pressure above the Rs 540-level, and until this weakness does not gets conquered decisively, the counter might see sideways movement. However, the Relative Strength Index (RSI), has broken out of the “Inverse head and shoulder at 62 value indicating a positive bias. The closing basis support for the stock exists at Rs 520 level. CLICK HERE FOR THE CHART
 
Tata Steel Ltd (TATASTEEL)
Likely target: Rs 1,370
Upside potential: 12%

During the past three months, shares of Tata Steel made two attempts to breakout above the 200-day moving average (DMA), but could succeed in continuing the upward trend. All this was due to the uncertain follow-up buying and its failure to cross the 100-DMA, currently placed at Rs 1,222. Indeed, the stock managed to hang on with the major support of Rs 1,050 level, which has continuously seen accumulation and build of longs. A breakout above 100-DMA could see the stock surge to Rs 1,370 level. CLICK HERE FOR THE CHART
 
InterGlobe Aviation Ltd (INDIGO)
Likely target: Rs 2,380
Upside potential: 10%

The consolidation for the stock from late 2020 to mid-august 2021 in the range of Rs 1,800 to Rs 1,500 level has experienced a breakout and the stock travelled above Rs 2,000-mark. It clocked an all-time high at Rs 2,380 as well. The present scenario indicates that the stock retested the breakout mark of Rs 1,800 level and seems to be rebounding towards earlier highs. This mark coincides with the 50-week moving average (WMA) placed at Rs 1,860 level.  CLICK HERE FOR THE CHART
 
Shree Cement Ltd (SHREECEM)
Likely target: Rs 23,000
Downside potential: 7%

There is nothing going right for the shares of Shree Cement. The moving averages, support-resistance and gap down, all these suggest weakness with sentiment deteriorating gradually. It does show the RSI rising above the oversold territory, however the stock price action is not supporting the upside bias. The immediate resistance comes at Rs 26,000, its 50-WMA and also a part of gap down range. The stock trades with a negative bias and may slide to Rs 23,000 level. CLICK HERE FOR THE CHART

Bank of Baroda (BANKBARODA)
Likely target: Rs 132
Upside potential:  15%

In November 2021, Bank of Baroda conquered and broke above its 200-(WMA). The stock did show a positive momentum, however the same could not be continued forward and the stock price observed a correction. This weakness was curtailed firmly at the support around Rs 81 levels, which is its 50-WMA. Now, the stock price has claimed a new 52-week high after conquering the 200-WMA decisively. The momentum is strong and indicates a rally in the direction of Rs 132. The support comes at Rs 100-mark. CLICK HERE FOR THE CHART