EquityPandit’s Outlook for TCS for the week (February 01, 2016 – February 05, 2016):

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 4.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 2400 and close around the highest levels.

Support for the stock lies in the zone of 2340 to 2360 where short term moving averages are lying. If the stock manages to close below this levels then the stock can drift to the levels of 2250 from where the stock has broken out of the consolidation range in the month of June – 2014.

Resistance for the stock lies in the zone of 2450 where 100 & 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 2500 where 200 Daily SMA is lying.

The stock has formed a Morning star pattern on weekly charts in a downtrend.

Broad range for the stock in the coming week is seen between 2340 to 2360 on downside to 2450 to 2470 on upside.