EquityPandit’s Outlook for TCS for the week (February 27, 2017 – March 03, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 3.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 2555 and close the week around the levels of 2482.

Minor support for the stock lies in the zone of 2440 to 2450. Support for the stock lies in the zone of 2400 to 2420 where Fibonacci levels and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2320 to 2350 where Fibonacci levels and medium term moving averages are lying.

Resistance for the stock lies in the zone of 2500 to 2520 from where the stock has broken down in the month of September-2016. If the stock manages to close above these levels then the stock can move to the levels of 2560 to 2600 from where the stock broke down in August-2016.

Broad range for the stock in the coming week is seen between 2400 to 2420 on downside & 2560 to 2580 on upside.