EquityPandit’s Outlook for TCS for the week  (Apr 16, 2018 – Apr 20, 2018) : 

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 6.90%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2970 to 3000 where the stock has formed a gap and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 3100 to 3150 where the stock has formed a top in the month of March-2018. During the week the stock manages to hit a high of 3241 and close the week around the levels of 3153.

Minor support for the stock lies in the zone of 3100 to 3130. Support for the stock lies in the zone of 3000 to 3050 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2850 to 2900 from where the stock broke out and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 3250 to 3300 where the stock has formed a top in the month of January-2018. If the stock manages to close above these levels then the stock can move to the levels of 3370 to 3400 where Fibonacci extension levels are lying.

Broad range for the stock in the coming week is seen between 3000 to 3030 on downside & 3250 to 3300 on upside.