Tata Consultancy Services has given a stellar rally from 1197 which formed a bullish H & S pattern giving a breakout above 1310 to 1590 odd levels. It has taken a strong support @ 1200 and have risen about 33% from the levels.
TCS Daily chart
It has a fibonacci retracements of 1.618 at Rs. 1590 spot price. The cross over above 1600 stock can rally up to 1630 odd levels.
But profit booking can be seen in the counter in coming days from around 1600 odd levels. Although technical indicators have not yet confirmed sell signal for the counter decreasing volume on rise is not a good sign. Its a contrarian opinion short term traders and investors as they can book the profits with substantial gains for safer exit.
Raju V Angadi
Equity Research Analyst
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
Equity Research Analyst
To know more about probable counts contact us back on rvangadi@googlemail.com.
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
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