If we see IT stocks from the last 2-3 weeks, they have fallen from the top in this bullish market. In our last article on TCS, we caught it at 2080 and has reached to all our targets. Now again TCS looking bullish on the chart, below is the technical overview of the chart.
TCS is one of the largest IT Company in India. Also, it is one of the heavy weight company in Nifty50. TCS has declared its dividend on 04th June 2019 (30.00 rupees per share).
Technical Overview of TCS: Usually we prefer Daily Candle Chart for analysis and it is working nicely. Last time we worked on Triangle Breakout and now we are trying to catch near support. If we see the daily chart then TCS has taken the support of Trend Line on 27th May 2019. All candles are closed in the green in last to last week (27th to 31st May 2019). Now TCS is taking support from Previous Top i.e. around 2150 and has made Spinning Top near support. Also, volumes are average in the last 3 trading days, hope this correction is complete and TCS is ready for the fresh rally.
It seems like good buy on the chart from current price levels i.e. around 2190, keeping a small stop-loss of 2140 on the closing basis is advisable. Targets are 2250, 2275. Once TCS will cross and gives closing above 2275-2280 then TCS may show 2300 or more.
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Disclaimer: We are not a SEBI registered analyst. All calls or articles are studied purpose only. Please add your own analysis then trade at your own risk.
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