EquityPandit’s Outlook for TCS for week (July 20, 2015 – July 24, 2015):
TATA CONSULTANCY SERVICES:
Tata Consultancy Services (NSE: TCS) closed the week on positive note gaining around 4%.
As we have mentioned last week that the stock has the strong support in the range of 2450, the stock bounced back during the week and close at virtually high point of the week.
During the week the stock also managed to cross over the declining trend-line resistance around the levels of 2530.
The stock has closed around the stiff resistance zone of 2550 to 2570 levels. If the stock manages to close above this resistance zone the stock can move to the levels of 2650.
Support for the stock lies in the range of 2480 to 2500 where short term moving averages are positioned.
Resistance for the stock lies in the range of 2550 to 2570 levels where downward sloping trend-line are positioned and 100 Daily SMA are lying.
Broad range for the stock in the coming week is seen between 2480 to 2520 on downside to 2620 to 2650 on upside.