EquityPandit’s Outlook for TCS for the week (January 16, 2017 – January 20, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 1.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 2350 to 2370 from where the stock broke down on intraday basis. Resistance for the stock lies in the zone of 2430 to 2450 where the stock has formed a double top in the month of October-2016 and 200 Daily SMA is lying. During the week the stock manages to hit a high of 2360 and close the week around the levels of 2249.

Support for the stock lies in the zone of 2230 to 2250 from where the stock broke out of the consolidation zone. 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 ratios are lying.

Minor resistance for the stock lies in the zone of 2300 to 2320. Resistance for the stock lies in the zone of 2350 to 2370 from where the stock broke down on intraday basis. Resistance for the stock lies in the zone of 2430 to 2450 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 2150 to 2180 on downside to 2330 to 2350 on upside.