TCS (BUY between Rs1115-1120, Target Rs1185)

TCS Ltd on the daily chart has signaled breakout from an ‘ Ending diagonal’ after prices oscillated in narrow band of Rs1108-1135 and volume trend decelerating for almost 12 trading session. The daily prices have been forming higher top and higher bottom since last four trading session irrespective of volatility in broader markets. This exhibits enormous strength in the counter. The amplitude of ‘Ending diagonal’ projects immediate target of Rs1200 in the near term along with confirmation of a positive crossover in RSI. .The daily RSI is also so far forming a ‘double bottom’ which also risk rewards more favorable. We advise buying stock in the range of Rs1115-1120 with stop loss of Rs1088 for Target of Rs1185. (Duration 7 days).