Domestic largecap indices managed to settle higher on Monday, thanks to a strong buying action in index heavyweight Reliance Industries. The BSE Sensex rose 64 points, or 0.10 per cent, to close at 65,344. The NSE Nifty advanced 24 points, or 0.12 per cent, to settle at 19,356. Select stocks such as Tata Consultancy Services (TCS), Wipro and HCL Technologies are likely ber in focus ahead of their quarterly results. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has to say on these three stocks ahead of Tuesday's trading session:Tata Consultancy Services | Buy above Rs 3,360 | Target Price: Rs 3,600-3,700 | Stop Loss: Rs 3,100
TCS has been moving within a range. The stock has faced resistance near the Rs 3,360 level and support zone at Rs 3,170 level. Currently, TCS is hovering near the confluence of the significant moving averages of 200-period MA and 50-EMA level that is placed at Rs 3,255. A fresh move above Rs 3,360 level is required to indicate a clear breakout. If it happens, the stock can achieve the next target of Rs 3,600-3.700 in the coming days. At the same time, a decisive breach below Rs 3,120-3100 would negate the positive trend and a fall can be expected.
Wipro | Hold | Resistance: Rs 398-400 | Support: Rs 375 Wipro's stock, after a short pullback, witnessed resistance near the Rs 398 level. The RSI is slipping down mid-way and has slightly weakened the bias. The near-term support lies near Rs 375 level, which was also the previous bottom made on the daily chart. For the bias to improve, Wipro needs a decisive breach above the Rs 398-400 levels. HCL Technologies | Avoid | Resistance: Rs 1,160 | Support: Rs 1,080
HCL Tech has indicated a 'Three Black Crows' pattern on the daily chart. The bias has turned weak as the stock breached below the important 50-EMA level of Rs 1,135. One can expect a further downward journey. The next support zone is visible at Rs 1,080 level. This is where the 200-period MA is placed and the stock could see a trend reversal. For the bias to improve from current levels, the stock needs to move past the Rs 1,160 level. This is where one could expect the price to sustain to establish some conviction.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
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