Bajaj Finance, TCS likely to resume upward trend, says Vaishali Parekh

Both the stocks seem to have bottomed out and select indicators on the charts have turned favourable for these stocks, says the technical analyst from Prabhudas Lilladher

BUY

BAJAJ FINANCE

CMP: Rs 7,579

TARGET: Rs 8,300-8,500

STOP LOSS: Rs 7,250

The stock has been in a rising trend since April 2021 and recently after a gradual correction and consolidation phase the stock has tested the base of the trendline support zone near Rs 7,400 levels and currently also has moved past the significant 50-EMA level to improve the bias. We anticipate further upside movement in the coming days and also with the RSI well placed with potential strength has indicated a positive bias. We suggest to buy and accumulate this stock for an upside target of Rs 8,300-8,500 keeping the stop loss at Rs 7,250 level. CLICK HERE FOR THE CHART

BUY

TCS

CMP: Rs 3,526

TARGET: Rs 3,850-3,950

STOP LOSS: Rs 3,380

Recently, the stock has given a decent correction from the peak near Rs 4,000 zone and has bottomed out near the major trendline support zone of Rs 3,370 level with improvemnet in the bias as indicated by the positive candle patterns. Technically, with the chart looks attractive with the RSI also reversing the trend from the oversold zone signaling a buy. We suggest to buy and accumulate this stock for an upside target of Rs 3,850-3950 keeping the stop loss at Rs 3,380. CLICK HERE FOR THE CHART

 

Disclaimer: The author is a technical analyst with Prabhudas Lilladher. She may have positions in one or more stocks mentioned above. Views are personal.