Resistance Alert !! TCS at Crucial Level
The zone of 2270-2320 is strong resistance zone for this share. The stock is moving strong till now but this resistance can halt it's run.
The resistance is tested recently so much so by the stock that it becomes a self fulfilling prophecy.
However, this time looks different. The Nifty IT is only sector which has posted good results as a sector in this pandemic scenario.
Any sane investor would place it's bet on IT in current scenarios hence there is a high probability that this resistance will be broken this time.
Post which sky is the limit for TCS. It can see an extended run.
There may be short bets in a supply zone into which TCS is headed which may cause disruption in the upward momentum. This have to be closely observed.
Long Term investors can buy the stock at current levels(if they wish to) whereas traders will have to wait and watch the action before placing their calls(long or short).
This(just like my other ideas) is just an opinion of the stock based on my analysis. Investors/Traders should take actions upon their conviction.
The resistance is tested recently so much so by the stock that it becomes a self fulfilling prophecy.
However, this time looks different. The Nifty IT is only sector which has posted good results as a sector in this pandemic scenario.
Any sane investor would place it's bet on IT in current scenarios hence there is a high probability that this resistance will be broken this time.
Post which sky is the limit for TCS. It can see an extended run.
There may be short bets in a supply zone into which TCS is headed which may cause disruption in the upward momentum. This have to be closely observed.
Long Term investors can buy the stock at current levels(if they wish to) whereas traders will have to wait and watch the action before placing their calls(long or short).
This(just like my other ideas) is just an opinion of the stock based on my analysis. Investors/Traders should take actions upon their conviction.
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