The NIFTY IT sector which has been the worst performing sector has eventually slammed into valuations which are as low as the prices from August 2023.
If we look at the Heavyweights, TCS seems to be the one which is lagging behind.
Last week, we had INFY make a sharp up move from the Lows.
Hence, I'm anticipating TCS to not hold back now. We can see a sharp up move on TCS this Monday.
Notice how the stock has reached a strong support zone and is now failing to make new Lows. Eventually, all sellers are trapped and the stock has given a confirmed Higher High, Higher Low Formation.
Now, if we see a strong take out of the 2562 price level with strong volumes, we can anticipate a quick move to the 50 DEMA zone.
Note that the overall trend of the stock still remains downwards and hence, this is a very short term view.
P.S. Not a recommendation. Please do your own due diligence.
If we look at the Heavyweights, TCS seems to be the one which is lagging behind.
Last week, we had INFY make a sharp up move from the Lows.
Hence, I'm anticipating TCS to not hold back now. We can see a sharp up move on TCS this Monday.
Notice how the stock has reached a strong support zone and is now failing to make new Lows. Eventually, all sellers are trapped and the stock has given a confirmed Higher High, Higher Low Formation.
Now, if we see a strong take out of the 2562 price level with strong volumes, we can anticipate a quick move to the 50 DEMA zone.
Note that the overall trend of the stock still remains downwards and hence, this is a very short term view.
P.S. Not a recommendation. Please do your own due diligence.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.