EquityPandit’s Outlook for TCS for the week (October 19, 2015 – October 23, 2015):
TATA CONSULTANCY SERVICES:
TCS closed the week on negative note losing around 6.0%.
As we have mentioned last week that support for the stock lies in the range of 2570 where 100 and 200 Daily SMA are positioned. Below this levels the stock can drift to the levels of 2500 where lower end of the channel is positioned in which the stock is moving since April – 2015. During the week the stock manages to hit a low of 2465 and close at virtually the lowest point of the week.
Support for the stock lies in the zone 2400 to 2450 where 500 Daily SMA, 100 Weekly SMA and trend-line support for the stock is positioned. If the stock manages to close below this levels then the stock can drift to the levels of 2250 where downward sloping trend-line for the stock is positioned.
Resistance for the stock is lying in the zone of 2550 to 2600 where 100 & 200 Daily SMA are positioned. If the stock manages to close above this levels then the stock can move to the levels of 2700 from where the stock has sold off.
Broad range for the stock in the coming week is seen between 2350 to 2400 on downside to 2550 to 2600 on upside.