EquityPandit’s Outlook for TCS for the week (February 06, 2017 – February 10, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 5.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 2153 and close the week around the levels of 2233.

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.

Minor resistance for the stock lies in the zone of 2290 to 2310. 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 2150 to 2180 on downside to 2320 to 2350 on upside.