It's time for a correction in this stock, the momentum at which it's touching previous higher valuation is significantly less in-spite of earnings. Trade Ideas:
If TCS is a big chunk of your portfolio (which is true for most of investors) you may want to think of booking some profits at these levels
You can hedge your risk by buying 0.55 delta PE in May, quantity should roughly match with your portfolio allocation
You can short May and June future contracts
You can sell CE May and June contracts
You can draw a trend line after the stock starts correction and look for intraday short and pullback opportunities
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Position filled, keep a look at earnings projection 20.95 estimated for 9th July may be less. This trade will take some sweet time
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Stay Short, let’s see how the market responds on Monday