TCS : Heading DOWN Closer to Support

Nifty IT index is in a downtrend, and another 4-5% fall in the index seems imminent, before some relief. Inspite of decent results and forecast, the TCS share prices are taking a beating too.
- It has decisively broken it Monthly support of 20month EMA line, and also the weekly support pivot, and is trading below it now. So, in the short term stock is expected to remain under pressure.
- TCS stock prices may find support near 3500 to 3700 zone now, where 200 week EMA and weekly support pivot is located, and just below it 3300 to 3400 levels are also strong support zone
- In case of any bounce, traders may decide to sell the stock again and level of 4000 to 4100 is also going to act as strong resistance in the TCS stock.
- RSI indicator is also suggesting weakness in the stock in short term.
- As volatility in the stock is inching UP, an option trade might be the best bet to trade this stock with lower risk.

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