EquityPandit’s Outlook for TCS for the week  (May 22, 2017 – May 26, 2017)  :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 6.20%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 2342 and close the week around the levels of 2507.

Minor support for the stock lies in the zone of 2440 to 2460. Support for the stock lies in the zone of 2380 t0 2400 where Fibonacci levels and 200 Daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2300 to 2320 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 2520 to 2540. Resistance for the stock lies in the zone of 2580 to 2600 where the stock has formed a top in the month of March-2017. If the stock manages to close above these levels then the stock can move to the levels of 2630 to 2650.

Broad range for the stock in the coming week is seen between 2380 to 2400 on downside & 2580 to 2600 on upside.