EquityPandit’s Outlook for TCS for the week (November 15, 2016 – November 18, 2016) :
TATA CONSULTANCY SERVICES:
TCS closed the week on negative note losing around 9.80%.
As we have mentioned last week that support for the stock lies in the zone of 2290 to 2310 where the stock has formed a bottom in month of September – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2120 to 2150 where the stock has formed a bottom in the month of February – 2016. During the week the stock manages to hit a low of 2086 and close the week around the levels of 2101.
The stock has seen a major break down on long term charts and virtually no support is visible. Major support for the stock lies in the zone of 1980 to 2000 where the stock has taken multiple support in March-2014 and May-2014.
Minor resistance for the stock lies in the zone of 2140 to 2160. Resistance for the stock lies in the zone of 2180 to 2200. If the stock manages to close above these levels then the stock can move to the levels of 2260 to 2280 from where the stock broke down from the double bottom pattern.
Broad range for the stock in the coming week is seen between 1980 to 2000 on downside to 2200 to 2230 on upside.