Short TCS, says Nooresh Mirani

Short TCS, says Nooresh Mirani, AVP Technical, AMSEC Research.

Mirani told CNBC-TV18, "Short TCS. The stock was one of the best performers of last 2-3 years. It continued to trade above its 200 day exponential moving average for the last 3 years. Recently in the last breakdown with the indices, the stock broke below 200 day moving average around Rs 1050 - 1080 levels. Post that we have seen a good correction in the stock closer to Rs 900."
He further added, "Every bounce back to the levels of Rs 1050 to Rs 1070 will face resistance. If you look at it recently the 50 to 200 day moving averages are placed between Rs 1050-1070 the stock pulled back up and has retraced back from Rs 1050 levels. We expect the stock to continue the correction and head back to Rs 950 levels in the short term."