EquityPandit’s Outlook for TCS for the week (September 12, 2016 – September 16, 2016) :

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 6.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 2550. Resistance for the stock lies in the zone of 2580 to 2600 where short term moving averages are lying. 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. During the week the stock manages to hit a high of 2520 and close the week around the levels of 2352.

Minor support for the stock lies in the zone of 2285. Support for the stock lies in the zone of 2220 to 2250 where long term weekly moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2100 to 2150 from the stock has bounced in the month of March – 2016.

Resistance for the stock lies in the zone of 2400 to 2420 from where the stock has broken down the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2450 to 2475 where 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 2220 to 2250 on downside to 2420 to 2450 on upside.