EquityPandit’s Outlook for TCS for the week (February 20, 2017 – February 24, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 0.40%.

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 2478 and close the week around the levels of 2408.

Minor support for the stock lies in the zone of 2350 to 2370. Support for the stock lies in the zone of 2300 to 2320 where short & medium term moving averages are lying. 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.

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 2300 to 2320 on downside & 2500 to 2520 on upside.