Tata consultancy services is one of the few popular stocks in the service sector.But recently-it moved into a Range bound environment which caught my eye.
Here we can make following reasons technically:
Market is in a consolidation Phase
ROC is flashing Oversold Signal
Volume is weak technically indicating weakness of the sellers
Also price Making a rebound from last Support Level
From the above reasons it is clear that Market will be moving in a range bound market for further period with slight pressure from bears
If considering to buy Tata consultancy services should wait until price makes a move further low.
In case if you are willing to sell through derivatives you can go ahead at break of 2,550 with tight stop above at your discretionary basis. š
