TCS likely to outperform Infy in short-term: Angel Broking

Mr. Ruchit Jain (Equity Technical Analyst, Angel Broking Ltd)

"The two heavyweights from the IT sector declared their results over the weekend. This led to a gap down opening in Infy whereas the other heavyweight TCS opened on a positive note. While the Nifty IT index ended the day with gains of over one percent, there is a clear divergence seen in Infy and TCS. Infy seems to be locked in a broad range of 700-770 since the last couple of months and we expect this consolidation phase to continue in the near term. On the other hand, TCS witnessed buying interest post the results and this has resulted in a breakout from an 'Ascending Triangle' pattern on the daily chart. We expect TCS to move higher from current levels upto 2250-2300 and outperform Infy in near term."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2110.05 as compared to the previous close of Rs. 2013.75. The total number of shares traded during the day was 397080 in over 17124 trades.

The stock hit an intraday high of Rs. 2115 and intraday low of 2041.05. The net turnover during the day was Rs. 828084993.

Source : Equity Bulls

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