Since December 2018 USDIND
index was trading in Descending Triangle chart pattern. USDINR index impact on
IT stocks as well as the Indian stock market. A weak dollar helps to our market
for gain but at the same time, IT stocks become weak. The dollar index has
taken support from the lower level of Triangle and on the last trading, day
index has given breakout to Descending Triangle with good volume. We are
looking targets for the coming week are 70-71. Now we will have to see how our
market and IT stocks will react. If the market is taking it negatively then
Nifty may show 10600-10500, however, we have two IT stocks which looking
bullish as per chart and sentiments.
Technical Overview of TCS: Before this, we have caught TCS two times and both time our targets were achieved, also it has exact resist from our levels and came down. Recently the company has declared the dividend twice in the last two months. Last two candles have made Bullish Engulfing chart pattern on the daily chart. TCS looking good buy from current levels with the small stop-loss of 2150 on a closing basis and the target is 2250-2300. Risk reward ratio is 1:2.
Technical Overview of INFOSYS: On 15th July 2019 stock has opened gap up and given closing with a big green candle that was the breakout of sideways channel. After that stock has made a new lifetime high and given small correction of last Thursday. Now the stock has made Bullish Piercing on daily candle, it is not 100% but it is exact near support. We are bullish on Infosys as well, we can buy from current levels with the stop-loss of 760 on closing basis for a target of 800-820.
Technical Overview of TCS: Before this, we have caught TCS two times and both time our targets were achieved, also it has exact resist from our levels and came down. Recently the company has declared the dividend twice in the last two months. Last two candles have made Bullish Engulfing chart pattern on the daily chart. TCS looking good buy from current levels with the small stop-loss of 2150 on a closing basis and the target is 2250-2300. Risk reward ratio is 1:2.
Technical Overview of INFOSYS: On 15th July 2019 stock has opened gap up and given closing with a big green candle that was the breakout of sideways channel. After that stock has made a new lifetime high and given small correction of last Thursday. Now the stock has made Bullish Piercing on daily candle, it is not 100% but it is exact near support. We are bullish on Infosys as well, we can buy from current levels with the stop-loss of 760 on closing basis for a target of 800-820.
Both stocks have taken support from 20 DMA
and USDINR index will help to reach targets.
Disclaimer: The contents produced here are
purely for educational purpose. They should not be construed as buy/sell
recommendations. I am not a SEBI registered Analyst or Investment Advisor.
Readers are advised to consult their Investment advisor before taking any
decisions based on the above write-up.
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