EquityPandit’s Outlook for TCS for the week (September 19, 2016 – September 23, 2016) :

TATA CONSULTANCY SERVICES:

TCS closed the week on positive note gaining around 0.40%.

As we have mentioned last week that minor support for the stock lies in the zone of 2285. Support for the stock lies in the zone of 2220 to 2250 where long term weekly moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2100 to 2150 from the stock has bounced in the month of March – 2016. During the week the stock manages to hit a low of 2310 and close the week around the levels of 2362.

Minor support for the stock lies in the zone of 2290 to 2310. Support for the stock lies in the zone of 2220 to 2250 where long term weekly moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels of 2100 to 2150 from the stock has bounced in the month of March – 2016.

Resistance for the stock lies in the zone of 2400 to 2420 from where the stock has broken down the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 2450 to 2475 where 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 2280 to 2300 on downside to 2420 to 2450 on upside.