TCS : will it contribute to recovery or fail?

🚀 Tata Consultancy Services Ltd. (NSE: TCS) - Technical Analysis and Trade Plan 📈

[u]Chart Analysis[/u]

1. Current Price and Movement:
   
   Current price: ₹4,175.00, with a recent increase of ₹18.95 (+0.46%).
   Chart indicates a recent downtrend followed by a potential corrective wave pattern.
   
2. Wave Analysis:
   
   The chart highlights a wave pattern labeled A, B, and C.
   Wave B retracement zone: Between ₹4,202 and ₹4,037, described as a golden retracement zone where prices may take support and reverse sharply.
   
3. Support and Resistance Zones:
   
   Wave C (Intermediate) correction completion zone: Around ₹4,175.00.
   Stop Loss: At ₹4,042.10, indicating failure of the golden retracement zone on the daily chart.
   First Target Zone: Between ₹4,539 and ₹4,587.
   Second Target Zone: At ₹4,778.00.
   
4. Potential Price Movements:
   
   Dashed lines in the chart suggest potential upward movements towards the target zones.
   If the price holds the current support level, it may move towards the first and second target zones.
   

[u]Trading Plan[/u]

1. Entry Point:
   
   Consider entering a long position as the price completes Wave C within the golden retracement zone.
   
2. Target:
   
   First Target Zone: Between ₹4,539 and ₹4,587.
   Second Target Zone: At ₹4,778.00.
   
3. Stop Loss:
   
   Place a stop loss at ₹4,042.10 to manage risk in case the support level fails.
   

[u]Disclaimer[/u]

This analysis is for informational purposes only and should not be considered financial advice. Trading stocks, options, and other financial instruments involves risk and may not be suitable for all investors. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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