EquityPandit’s Outlook for TCS for the week (January 02, 2017 – January 06, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 3.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 2230 to 2250 from where the stock has broken out on intraday basis. Support for the stock lies in the zone of 2150 to 2170 from where the stock has broken out of the consolidation zone. If the stock manages to close below these levels then the stock can drift to the levels of 2080 to 2100 from where the stock has bounced in the month of November-2016. During the week the stock manages to hit a low of 2266 and close the wee around the levels of 2366.

Minor support for the stock lies in the zone of 2300 to 2320. Support for the stock lies in the zone of 2230 to 2250 from where the stock broke out of the consolidation zone. If the stock manages to close below these levels then the stock can drift to the levels of 2150 to 2180.

Minor resistance for the stock lies in the zone of 2380 to 2400. Resistance for the stock lies in the zone of 2430 to 2450 where the stock has formed a double top in the month of October-2016 and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 2500 to 2520 from where the stock has broken down in the month of September-2016.

Broad range for the stock in the coming week is seen between 2250 to 2280 on downside to 2450 to 2470 on upside.