EquityPandit’s Outlook for TCS for the week (January 04, 2016 – January 08, 2016):

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 0.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 2450 to 2460 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes above this levels then the stock can move to the levels of 2500 where trend-line resistance and 100 Daily SMA for the stock is lying. During the week the stock manages to hit a high of 2466 and retraced to close the week around the levels of 2416.

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.

Resistance for the stock lies in the zone of 2450 to 2460 where 500 Daily SMA and 100 Weekly SMA are positioned. If the stock closes above this levels then the stock can move to the levels of 2500 where trend-line resistance and 100 Daily SMA for the stock is lying.

The stock has formed a Shooting Star pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to close above the levels of 2465 to negate this pattern.

Broad range for the stock in the coming week is seen between 2360 to 2380 on downside to 2440 to 2460 on upside.