In the previous session, the markets opened on a strong positive note and remained in a positive territory throughout the day. The Nifty index made a day high near 15892 and closed with a net profit of 122 points. Technically, Index formed a ‘Hanging Man’ pattern in range bound sessions which is a sign of indecision in the market. As long as the Nifty Index does not move above 15900 level convincingly, we recommend continuing to approach the markets in a stock-specific way. Traders should be focused on ‘buy on dips’ strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, August 03, 2021’ before the market opens.

Tata Consultancy Services Ltd

NSE :TCS   BSE :532540  Sector : IT – Software

In the daily time frame, TCS share prices are moving above a strong support line. A rising window occurred on the chart. Stock has formed a kind of Bullish Engulfing pattern at bottom which indicates that more buyers are entering in the stock to take prices further up. As seen on Band Bollinger, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on downside.

In short, the trend for TCS looks to be positive for now. We can expect it to reach a target of 3266/3300 levels based on our analysis. Add more on dips around 3200 levels. This outlook is valid as long as we do not see any closing below lower Band Bollinger. If the price sustains near 3300 levels, then we will review this stock again.

Check More Analysis on TCS at: Tata Consultancy Services Ltd