EquityPandit’s Outlook for TCS for the week (January 18, 2016 – January 22, 2016):
TATA CONSULTANCY SERVICES:
TCS closed the week on negative note losing around 5.70%.
As we have mentioned last week that support for the stock lies in the zone of 2350 to 2370. If the stock closes below this levels then the stock can drift to the levels of 2320 where the stock has formed a short term bottom. During the week the stock manages to hit a low of 2341 and bounce to close the week around the levels of 2396.
Support for the stock lies in the zone of 2250 from where the stock has broken out of the consolidation range in the month of June – 2014. If the stock closes below this levels then the stock can drift to the levels of 1950 to 2000 where 1000 Daily SMA and 200 Weekly SMA is positioned.
Resistance for the stock lies in the zone of 2320 to 2350 from where the stock has broken down from the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 2410 to 2420 where short term moving averages are lying.
Broad range for the stock in the coming week is seen between 2200 to 2220 on downside to 2320 to 2340 on upside.