TCS has witnessed buying interest from the 50 per cent Fibonacci retracement level (3780) of the previous rise from 3,311 – 4255. Positive divergence is also witnessed on the daily charts indicating loss of selling momentum on the downside.
We expect the stock to retrace the recent decline and rise towards 4,070 – 4,100 from a short term perspective. Stop Loss should be maintained at 3,850 for the long positions.
Jubilant Food Works
The stock has been in a downtrend since December, 2023. The stock has started to form higher tops and higher bottoms on the daily charts indicating trend reversal from down to up.
The daily momentum indicator has triggered a fresh positive crossover which is a Buy signal. Thus, both price and momentum indicators are suggesting a further upside in the stock.
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Note: All stock prices in Rs
Disclaimer: Jatin Gedia is Technical Research Analyst at Sharekhan by BNP Paribas. Views expressed are his own.
First Published: May 07 2024 | 6:57 AM IST
