EquityPandit’s Outlook for TCS for the week  (May 15, 2017 – May 19, 2017)  :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 1.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 2290 to 2300. Support for the stock lies in the zone of 2240 to 2260 where trend-line joining lows of 2052 and 2153 are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2160 to 2180 where lows for the month of February-2017 and Fibonacci levels are lying. During the week the stock manages to hit a low of 2316 and close the week around the levels of 2361.

Support for the stock lies in the zone of 2300 to 2320 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2240 to 2260 where trend-line joining lows of 2052 and 2153 are lying.

Resistance for the stock lies in the zone of 2380 to 2400 where Fibonacci level and 200 Daily MA is lying. If the stock manages to close above these levels then the stock can move to the levels of 2430 to 2450.

Broad range for the stock in the coming week is seen between 2280 to 2300 on downside & 2420 to 2440 on upside.