EquityPandit’s Outlook for TCS for the week (October 12, 2015 – October 16, 2015):

TATA CONSULTANCY SERVICES:

TCS closed the week on negative note losing around 0.50%.

As we have mentioned last week that resistance for the stock lies in the range of 2750 where upper end of the channel is positioned in which the stock is moving since April – 2015. During the week the stock manages to hit a high of 2770 and sold off to close the week around the levels of 2629.

Support for the stock lies in the range of 2570 where 100 and 200 Daily SMA are positioned. Below this levels the stock can drift to the levels of 2500 where lower end of the channel is positioned in which the stock is moving since April – 2015.

Resistance for the stock lies in the range of 2750 where upper end of the channel is positioned in which the stock is moving since April – 2015.

The stock has formed a Shooting Star pattern on weekly charts in an uptrend indicating the trend reversal. The stock has to close above the levels of 2770 to negate this pattern.

Broad range for the stock in the coming week is seen between 2580 to 2600 on downside to 2680 to 2700 on upside.