TCS - Looking very weak - quick idea
Updated
TCS result was less than estimated!
TCS is fundamentally strong company but IT is looking weak for now (11/07/2022). TCS is moving in a channel.
It has support at 3135, it should take pull back from there today (11th July 2022) and then should fall back after retracement. Next support is 3008 and I believe breakdown of 3135 will take it to 3008 which is also channel bottom. It should strongly bounce from there.
Just in case if there is global IT sell of and it breaks channel then it could hit 2880 which is a strong support. I don't think it'll break this unless global sentiments are too negative.
S1 - 3125
S2 - 3008
S3 - 2880
Play Safe! Keep SL in the system!
**Just for education purpose! Do you own analysis**
TCS is fundamentally strong company but IT is looking weak for now (11/07/2022). TCS is moving in a channel.
It has support at 3135, it should take pull back from there today (11th July 2022) and then should fall back after retracement. Next support is 3008 and I believe breakdown of 3135 will take it to 3008 which is also channel bottom. It should strongly bounce from there.
Just in case if there is global IT sell of and it breaks channel then it could hit 2880 which is a strong support. I don't think it'll break this unless global sentiments are too negative.
S1 - 3125
S2 - 3008
S3 - 2880
Play Safe! Keep SL in the system!
**Just for education purpose! Do you own analysis**
Note
**Fall after retracement**As mentioned TCS took pull back up to 3135 (today's high) and then fall to 3080!
FYI - It appears to be making double bottom on shorter timeframe (5 mins) but one can long only if it breaks 3135 with volume which is very unlikely in near future
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