EquityPandit’s Outlook for TCS for the week (October 24, 2016 – October 28, 2016) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance zone of 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 short term moving averages and 200 Daily SMA are lying. During the week the stock manages to hit a high of 2432 and close the week around the levels of 2429.

Minor support for the stock lies in the zone of 2370 to 2385. Support for the stock lies in the zone of 2290 to 2310 where the stock has formed a bottom in month of September – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 2120 to 2150 where the stock has formed a bottom in the month of February – 2016.

The stock has closed around the resistance zone 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 short term moving averages and 200 Daily SMA are lying.

Broad range for the stock in the coming week is seen between 2350 to 2360 on downside to 2470 to 2480 on upside.