TCS LTD
Open—3361--High—3369.90--Low—3318--Close—3321.45 on 2.3.2023.
Support:- 3299/3261/3256.70/3234/3200/3163.65/3154.05/3132.40/3096.50/3081/3023.85/3004/2953/2926.10/2879/2845/2755/2624.95/2600/2555/2302.60/2296/2230.
Resistance:- 3323/3351/3391/3445/3480/3510.15/3576/3625/3666/3739/3780/3836/3855/3883/3945/3978—90/4043.
(Bold and
underlined figures are most important)
ALL-TIME HIGH—4043.
FOR TRADERS
It recently gotten into deep
corrective mode as it is below its threshold point of 3444.30, but as long as it holds 3190 chances of up rally will be there. The overall technical setup
is not that weak as of now but some important technical indicators are pointing
that it may turn weak in coming days. It is critically poised at this point of
time. Please note that Its key and critical support points are 3299.90---3261---3256.70--- 3234.40(bear market threshold
point) and sustained break below this range will make the stock weak and can
trigger fresh fall, which can drag it down to 2926.10---2879---2775 levels and sustained break below this range can
pull it down further to 2475---2104---2013
levels and finally sustained break below 2013
can drag it down towards 1500
levels which may be kept in mind.
In view of the above observation traders can initiate long trade above 3299.90 and then near or within the range 3261---3234 with a stop loss of 3270 & 3180 respectively. It is strongly suggested to avoid fresh long trade below 3234.40 for sure. It will gain good foothold and may be strong up momentum above 3444.30 which please note.
FOR
INVESTOR
As mentioned above it is on a
reasonable technical footing as of now but some advance technical indicators are
pointing as of now that it may witness moderate to sharp in coming days. Therefore
it is suggested to accumulate the stock in a staggered manner on decline with
time horizon of 3-5 years for decent
gains. The buying points could be in the
range of 3299.90---3234 and then in
the range of 2926—2775 and then at 2475---2104---2013. For example one can
initiate buying with 5% to 10% of
the designated investment amount for the stock in the range of 3299.90---3234, 10% to 15% in the range
of 2926---2775 and so on; it is
suggested to increase the buying %
on a very steep decline. It is important to mention here that as of now the
range of 2500---2350 seems to be the
worst price range for the stock on decline. It is suggested to structure your
trade or investment with the help of above observation.
NOTE: - It is a technical assessment
of the stock as of now, the technical interpretation changes with the price
movement and time; therefore it needs periodic updating, which may please be
noted.
Disclaimer:-The view expressed here are solely of the author and he is
not at all responsible in any way for the outcome of the trade you enter based
on the above view.
Kindly
note that make your cost your stop loss in favorable trade
and then trail it as the price move up/down to gain maximum profit and avoid
losses. Use support and resistance levels as entry, exit, target and trailing
stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot
market.
Contact me for strategic guidance to enter and exit trade.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.