TCS shares may rally towards Rs 4,400 soon after Friday's breakout: Rupak De
Tata Consultancy Services (TCS) could rally towards a new 52-week high of Rs 4,400.
«On the weekly chart, the stock had found support at the rising trend before the recent rally. On the daily chart, the stock has given a consolidation breakout. Suggesting a rise in optimism around the stock. Over the short term, the stock might move towards Rs 4,400. On the lower end, support is placed at Rs 4,100,» Rupak De, Senior Technical Analyst, LKP Securities, said.
Edited excerpts from a chat on Budget expectations and trading ideas for the week:
What is the best strategy to trade the market in the pre-Budget week?
In the pre-budget week, volatility might spike due to varied expectations across different sectors. Stocks within budget-sensitive sectors might see increased interest. However, if the budget fails to meet expectations, those particular stocks could experience significant corrections. Therefore, it's crucial to avoid leveraged trading and to use strict stop losses.
Friday's session was all about IT stocks. Does the fresh upmove look sustainable in the new week and whether it can raise short-term targets for Nifty traders as well?
IT has suddenly bounced back into the game after TCS's quarterly earnings boosted sentiment in the sector. A consolidation breakout is visible on the daily chart of the Nifty IT index, indicating increased optimism. In the monthly time frame, it has formed a cup and handle pattern breakout. In the short to medium term, sentiment might remain strong, with the possibility of significant
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