Rupak De
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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