Stock Pick for Tuesday, August 03, 2021

  • Stock Market Analysis

In the previous session, the markets opened on a strong positive note and remained in positive territory throughout the day. The Nifty index made a day high near 15892 and closed with a net profit of 122 points. Technically, Index formed a ‘Hanging Man’ pattern in range-bound sessions which is a sign of indecision in the market. As long as the Nifty Index does not move above the 15900 levels convincingly, we recommend continuing to approach the markets in a stock-specific way. Traders should be focused on the ‘buy on dips’ strategy for the next trading day.

Indian Stock Market would open negative and may see some profit booking. Following stock looks technically strong and may go sharply positive in upcoming days. Traders can go long in this stock at dips in the market.

Tata Consultancy Services Ltd. (NS: TCS ):

NSE: TCS   BSE: 532540  Sector: IT – Software

In the daily time frame, TCS share prices are moving above a strong support line. A rising window occurred on the chart. The stock has formed a kind of Bullish Engulfing pattern at the bottom which indicates that more buyers are entering the stock to take prices further up. As seen on Band Bollinger, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on the downside.

In short, the trend for TCS looks to be positive for now. We can expect it to reach a target of 3266/3300 levels based on our analysis. Add more on dips around 3200 levels. This outlook is valid as long as we do not see any closing below lower Band Bollinger. If the price sustains near 3300 levels, then we will review this stock again.

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  • Deepali Patil @Deepali Patil
    good pick..chart is supporting...are you suggesting for intraday
    Like 0
  • Deepali Patil @Deepali Patil
    good pick..chart is supporting...are you suggesting for intraday
    Like 0
  • MICHI TARA @MICHI TARA
    profit booking will start since now nifty 50 is in Overbought Rsi level
    Like 0
    • Raghu Allam @Raghu Allam
      most IT stocks are doing well
      Like 0
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  • Madhusudan Veeragandham @Madhusudan Veeragandham
    Profit booked sir
    Like 0
  • Vikas Kumawat @Vikas Kumawat
    Beautifully picked up the stock 🔥Well said sir 👌
    Like 0
  • Vikas Kumawat @Vikas Kumawat
    Beautifully picked up the stock 🔥Well said sir 👌
    Like 0
  • Md Molla @Md Molla
    OK SIR....
    Like 0
  • arvind bhalsod @arvind bhalsod
    GM sir
    Like 0
  • Pankaj Behera @Pankaj Behera
    good morning sir
    Like 1
  • Suhas Sawant @Suhas Sawant
    16000+++possible hai this week
    Like 2
  • Pasupuleti Brahmaiah @Pasupuleti Brahmaiah
    Very nice sir thanks for sharing infomation
    Like 0
    • Mallikharjuna Rao Makkapati @Mallikharjuna Rao Makkapati
      Thank you sir for good advice
      Like 0
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