Despite a strong result TCS continues to fall..this is usually the sign of weakness in the market when market leaders are unablet to hold onto gains..esp on the backing of strong results.
Technically the stock couldve made an almost double top..its off by 1% i think. Short below 3045 with SL of 3115. First target 2920. If that gets broken then the 200EMA becomes a magnet for the rice at 2780.
TCS is also the market leader so going ahead watch for the entire IT space.
Yeah! Large cap IT might be in pressure for a while now more so when many low pe stocks are showing signs of fund flows.
arun2404
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just 40 rs. above support line on 1 day ,yearly chart, may have full potential to move 7 percent above CMP
rdkriplani
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@arun2404, The candle yest was very bearish..and the support is upto 3044..Below that it opens up towards the vertical suport (first target)
It could bounce right here but out short then wouldnt get triggered only..so it would be an no trade..
The purpose was only to go for it if there is a short term breakdown..
If support works like it should..it wont fall and hence wont trigger a sell..
@Rk10, it is in pressure, but many times tcs took support at 3100, may bounce back upto 3150 , 3180, if not sustain then double top target may achieve. good one
rdkriplani
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@mcpriceaction, Precisely why i have said to short it once if that support gets broken..below 3045... :-) Until it doesnt break below that it isnt a short..