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

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 4.10%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 2530. Resistance for the stock lies in the zone of 2570 to 2600 where the stock had a gap down opening on 24/06/2016. If the stock manages to close above these levels then the stock can move to the levels of 2650 to 2670 where the stock has made a short term top. During the week the stock manages to hit a high of 2635 and close the week around the levels of 2619.

Minor support for the stock lies in the zone of 2550 to 2570. Support for the stock lies in the zone of 2500 to 2520 where short term and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2430 to 2450 where 200 Daily SMA is lying.

Resistance for the stock lies in the zone of 2650 to 2670 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 2750 to 2770 from where the stock has sold off in the month of August – 2015 and October – 2015.

Broad range for the stock in the coming week is seen between 2550 to 2570 on downside to 2700 to 2720 on upside.