Shitij Gandhi
After taking support at its 200-day exponential moving average, Tata Consultancy Services formed a double bottom pattern on the daily charts. The stock witnessed a sharp short covering in prices and once again reclaimed Rs 2,000.
In Tuesday’s session, the stock has given a fresh breakout above the rectangle pattern along with positive divergence on secondary indicators. Traders can accumulate the stock in a range of Rs 2,000-2,015 for the upside target of Rs 2,180 and a stop loss below Rs 1,890.
The author is a Senior Research Analyst, SMC Global Securities Ltd.
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