EquityPandit’s Outlook for TCS for the week (December 12, 2016 – December 16, 2016) :

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 1.20%.

As we have mentioned last week that support for the stock lies in the zone of 2200 to 2210 from where the stock broke out on the intraday basis. If the stock manages to close below these levels then the stock can drift to the levels of 2150 to 2170 from where the stock has broken out of the consolidation zone. During the week the stock manages to hit a low of 2146 and close the week around the levels of 2195.

Support for the stock lies in the zone of 2150 to 2170 from where the stock has broken out of the consolidation zone. If the stock manages to close below these levels then the stock can drift to the levels of 2080 to 2100 from where the stock has bounced in the month of November-2016.

Minor resistance for the stock lies in the zone of 2215 to 2230 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 2260 to 2280 from where the stock broke down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2400 to 2420 where the stock has formed a double top in the month of October-2016.

Broad range for the stock in the coming week is seen between 2100 to 2120 on downside to 2250 to 2280 on upside.