EquityPandit’s Outlook for TCS for the week (May 16, 2016 – May 20, 2016):

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 2.00%.

As we have mentioned last week that support for the stock lies in the zone of 2460 to 2480 where 200 & 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2380 to 2400 where 100 Daily SMA is lying. During the week the stock manages to hit a low of 2456 and close the week around the levels of 2523.

Support for the stock lies in the zone of 2460 to 2480 where 200 & 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2380 to 2400 where 100 Daily SMA is lying.

Resistance for the stock lies in the zone of 2550 to 2560 where the stock has made a short term top. If the stock manages to close above these levels then the stock can move to the levels of 2650.

Broad range for the stock in the coming week is seen between 2440 to 2460 on downside to 2570 to 2580 on upside.