EquityPandit’s Outlook for TCS for the week (December 05, 2016 – December 09, 2016) :

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 3.40%.

As we have mentioned last week that the stock has closed around the resistance zone of 2260 to 2280 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2400 to 2420 where the stock has formed a double top in the month of October-2016. During the wee the stock manages to hit a high of 2319 and close the week around the levels of 2222.

Support for the stock lies in the zone of 2200 to 2210 from where the stock broke out on the intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 2150 to 2170 from where the stock has broken out of the consolidation zone.

The stock has closed around the resistance zone of 2260 to 2280 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2400 to 2420 where the stock has formed a double top in the month of October-2016.

Broad range for the stock in the coming week is seen between 2130 to 2150 on downside to 2280 to 2300 on upside.