I will third the slow speed and plenty of pressure. I used to drill stainless a lot and I always got cobalt once they became available. Stainless steel is not hard with respect to deforming compared to mild steel, but it will "work harden" so if you start pushing it around instead of cutting it as other have said, it will then dull the bit. If you just use any old sharp bit properly it will cut right through it.
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Today's Featured Article - Repairing A Massey Harris 22 - by John Reeves. I have just given this old girl (boy?) a replacement RH rear axle. I was lucky enough to find an axle in good shape at a reasonable price - also a replacement for the right rear brake assembly which was
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