Trade Idea of The Day - Tata Consultancy Services Ltd Target Rs.10 - Religare Broking Ltd
Tata Consultancy Services Ltd
SELL 28 APR 2500 CALL BUY 28 APR 2700 CALL Tata Consultancy Services Ltd Entry Range 40 – 45 Target Range 10 Stop Loss 63
Rationale
* On the daily chart TCS remains under sustained selling pressure, forming a clear lower high–lower low structure on the daily chart, indicating a continuation of the prevailing downtrend.
* The prices are trading below shortest moving average of 10-DEMA, signalling broader bearish sentiment and lack of strength for any meaningful recovery in the near term.
* RSI is hovering in the lower range (below the 40 mark), suggesting weak buying interest and no signs of bullish divergence yet as the weekly MACD histogram continue to trade in a negative territory.
* On the downside 52-week low is 2348 and a breakdown below this mark could extend the fall towards 2300-2270 zone, while the immediate resistance is placed around 2500.
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