Trade Idea of The Day - Tata Consultancy Services Ltd Target Rs.85 - Religare Broking Ltd
Tata Consultancy Services Ltd
BUY 27 OCT 2100 PUT SELL 27 OCT 2000 PUT Entry Range 40 – 45 Target 85 Stop Loss 20
Rationale
• On the daily chart, TCS continues to remain under sustained selling pressure, with the stock trading below key moving averages, indicating a weak near-term trend. The broader price structure remains bearish, with a lower-top, lower-bottom structure.
• From a technical perspective, the stock is trading below a descending trendline, which currently acts as an immediate hurdle around the 20-DEMA zone. Unless TCS decisively reclaims this zone, any recovery is likely to face selling pressure, maintaining a sell-on-rise bias.
• Momentum indicators also remain weak. RSI is hovering below the 40 mark, reflecting subdued buying interest and a lack of strong momentum. The MACD remains in negative territory, further supporting the prevailing bearish setup despite some recent stabilization near lower levels.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
