EquityPandit’s Outlook for TCS for the week  (Oct 16, 2017 – Oct 19, 2017) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 4.60%.

As we have mentioned last week, that resistance for the stock lies in the zone of 2450 to 2470 where short and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 2550 to 2580 where the stock has formed a top in the month of July-2017 and August-2017 and September-2017. During the week the stock manages to hit a high of 2609 and close the week around the levels of 2559.

Minor support for the stock lies in the zone of 2520 to 2540. Support for the stock lies in the zone of 2450 to 2480 where short and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 2370 to 2400 where trend-line support and 200 moving averages are lying.

Resistance for the stock lies in the zone of 2550 to 2580 where the stock has formed a top in the month of July-2017 and August-2017 and September-2017. If the stock manages to close above these levels then the stock can move to the levels of 2660 to 2700 where the stock has formed a top in the month of June-2017.

Broad range for the stock in the coming week is seen between 2450 to 2480 on downside & 2650 to 2700 on upside.