TCS has resistance at Rs 515: Anu Jain

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TCS has resistance at Rs 515: Anu Jain

Anu Jain of India Infoline is of the view that Tata Consultancy Services, TCS has resistance at Rs 515.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Anu Jain See what other Experts & Brokerages are saying about TCS See messages about TCS TCS BSE | NSE 09/02/12 Are Mutual Funds betting on TCS?

Anu Jain of India Infoline is of the view that Tata Consultancy Services , TCS has resistance at Rs 515.

Jain told CNBC-TV18, "TCS is now showing a consolidation pattern, having scaled closer to Rs 500; it has come down to Rs 477. I would watch probably how it scales on a bad day, probably supports around the Rs 464-465 levels. If it holds on to that then it is definitely poised to move towards Rs 515 but the first sharp move is already done with. You would see money moving to the midcaps as we were discussing so the next move for it to come in, fresh money would probably come in a little lower at about Rs 464-465. If it does not break those levels on any bad day then it becomes a good buy to scale back to Rs 515. That is the immediate resistance and beyond that I think the whole market will move together. If there is a breakout in the market beyond 4650 then probably you will see all the stocks which gave a first breakout moving again, so it will be a timing issue as to whether the market breaks and at that time does TCS cross Rs 515."