Trade Idea of The Day - Tata Consultancy Services Ltd Target Rs. 56 - Religare Broking Ltd
Tata Consultancy Services Ltd
BUY 29 SEP 2180 PUT SELL 29 SEP 2100 PUT Entry Range 22 -26 Target 56 Stop Loss 10
Rationale
• TCS continues to remain under pressure, with the stock trading below its key short-term moving averages and forming a lower-top, lower-bottom formation on the daily chart.
• The price has witnessed rejection near the 20-DEMA as well as the 50-DEMA zone, which aligned with the 2,270- 2,290 zone and acts as immediate overhead hurdles. The stock has also slipped below the descending trendline support, keeping the near-term technical setup weak.
• Momentum indicators remain subdued, with RSI hovering below the 40 mark, reflecting weak buying interest, while the MACD histogram continues in negative territory and signals sustained bearish momentum. As long as TCS sustains below the 2,270–2,290 zone, the downside bias remains intact, with the stock likely to retest the 2,100 support zone.
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SEBI Registration number is INZ00017433
