TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks
An analyst from Swastika Investmart said that TCS has experienced profit booking from higher levels and is currently trading near a critical trendline support.
- Jan 8, 2025,
- Updated Jan 8, 2025 7:36 AM IST
Indian benchmark indices tried to recover from the previous session's jitter and settled higher on Tuesday amid positive global cues indicating no major concerns over the HMPV virus outbreak. However, markets remained cautious ahead of the Q3 results. BSE Sensex gained 234.12 points, or 0.30 per cent, to end the session at 78,199.11. NSE's Nifty50 jumped 91.85 points, or 0.39 per cent, to settle at 23,707.90 for the day.
Some buzzing IT stocks including Tata Consultancy Services Ltd (TCS), Wipro Ltd and LTIMindTree Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
LTIMindTree has shown signs of bottoming out, forming a hammer candle pattern at its 200-DMA, which acts as a strong support level at Rs 5,570. On the upside, there is significant room for movement, with the next resistance zone around Rs 6,000, where multiple moving averages, including the 20, 50, and 100 DMA, are clustered. A breakout above the Rs 6,000 level could trigger short-covering, potentially driving the counter toward Rs 7,000 in the short term. However, a breakdown below the 200 DMA at Rs 5,570 could lead to further weakness, with the next support level at Rs 5,300.
Indian benchmark indices tried to recover from the previous session's jitter and settled higher on Tuesday amid positive global cues indicating no major concerns over the HMPV virus outbreak. However, markets remained cautious ahead of the Q3 results. BSE Sensex gained 234.12 points, or 0.30 per cent, to end the session at 78,199.11. NSE's Nifty50 jumped 91.85 points, or 0.39 per cent, to settle at 23,707.90 for the day.
Some buzzing IT stocks including Tata Consultancy Services Ltd (TCS), Wipro Ltd and LTIMindTree Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
LTIMindTree has shown signs of bottoming out, forming a hammer candle pattern at its 200-DMA, which acts as a strong support level at Rs 5,570. On the upside, there is significant room for movement, with the next resistance zone around Rs 6,000, where multiple moving averages, including the 20, 50, and 100 DMA, are clustered. A breakout above the Rs 6,000 level could trigger short-covering, potentially driving the counter toward Rs 7,000 in the short term. However, a breakdown below the 200 DMA at Rs 5,570 could lead to further weakness, with the next support level at Rs 5,300.