Traders can accumulate the stock in the range of Rs 2,000–2,010 for the target of Rs 2,170 with a stop loss below Rs 1,919, says Rupak De of Bonanza Portfolio.
On the daily chart, Tata Consultancy Services has moved above the previous inflection point after making a double bottom. In addition, the price has moved above its 38.2 percent Fibonacci retracement level of the previous fall from Rs 2,275 to Rs 1,784.The daily momentum indicator is in a bullish crossover with a current reading of 59.99. Traders can accumulate the stock in the range of Rs 2,000–2,010 for the target of Rs 2,170 with a stop loss below Rs 1,919.
The author is a Technical Research Analyst at Bonanza Portfolio Ltd.
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