EquityPandit’s Outlook for TCS for the week (January 30, 2017 – February 03, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 3.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 2350 to 2370 from where the stock broke down on intraday basis. 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. During the week the stock manages to hit a high of 2379 and close the week around the levels of 2358.

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 where the stock has formed a bottom in the month of December-2016 and Fibonacci level are lying.

Resistance for the stock lies in the zone of 2400 to 2430 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 2230 to 2250 on downside to 2420 to 2450 on upside.