IGI Logo

Technical Observations

* The IT Sector is in strong uptrend as the Nifty IT index continues to form higher high higher low on all time frames

* The share price of TCS has seen strong buying demand from rising demand line joining lows of March & May 2021 and 100 day EMA (currently at 3180 . It has recently witnessed shallow retracement highlighting positive price structure and offers fresh entry opportunity

* We expect the stock to maintain positive bias and head towards 3560 in the coming weeks as it is the confluence of the 161.8% external retracement of its previous decline (3400-3132)

* Immediate support is place at | 3165 levels as it is the confluence of the 100 days EMA and the 80% retracement of recent up move (3132-3324)

* Among the oscillators MACD has generated a buy signal moving above its zero line thus supports the positive bias

Buy Tata Consultancy Services Ltd @ 3305.00-3318.00 TGT 3545 SL 3165

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer