EquityPandit’s Outlook for TCS for the week (September 28, 2015 – October 02, 2015):
TATA CONSULTANCY SERVICES:
TCS closed the week on positive note gaining around 1%
As we have mentioned last week that if the stock drifts below the levels of 2500 on closing basis, then the stock can move to the levels of 2400 where medium term support for the stock lies. During the week the stock hit a low of 2490 and bounce back to close the week around the levels of 2580.
The stock has closed at around the upper band of the trading band of 2500 to 2600 in which the stock is moving since last 15 days. If the stock manages to close above the levels of 2600 the stock can move to the levels of 2650.
Support for the stock lies in the range of 2550 where 100 and 200 Daily SMA are positioned.
The stock has been taking support around the lower end of the channel in which the stock is moving since April – 2015. The lower end of the channel is lying around the levels of 2500 to 2520.
Broad range for the stock in the coming week is seen between 2450 to 2500 on downside to 2600 to 2650 on upside.