TCS, Wipro, LTIMindtree: Key support & resistance levels for these buzzing IT stocks

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:

 

Wipro | Resistance: Rs 320-350 | Stop Loss: Rs 290-280

Wipro recently broke out of a cup and handle formation on the weekly timeframe and has since retraced to retest the breakout level, forming a pin bar candle pattern. This level is critical as a resumption of bullish momentum could drive the counter toward the Rs 320 level in the short term, with Rs 350 as the next target in the mid-term. However, if the counter slips below the Rs 290 mark, fresh selling pressure may emerge, potentially dragging it down to the 280 level, where the 100 DMA is positioned.

 

Tata Consultancy Services | Resistance: Rs 4,125-4,200 | Stop Loss: Rs 3,900

TCS has experienced profit booking from higher levels and is currently trading near a critical trendline support. A breakdown below this level could lead to further weakness, with the next support zone around Rs 3,900. The overall structure appears weak as the counter is trading below all key moving averages. Any pullback is likely to present a selling opportunity unless the stock reclaims its 200 DMA at Rs 4,125. A successful reclaim of this level could trigger a short-covering rally toward Rs 4,200, where the 100 EMA is positioned.

 

LTIMindtree | Resistance: Rs 6,000-7,000 | Stop Loss: Rs 5,570-5,300

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.