Indian Stock Market Overall View For Coming Week : Nifty, Bank Nifty, TCS Result Impact.

 

The overall sentiment on nifty and bank nifty appears to be negative on short term basis. Nifty down by 1%, closed at 22519 on last Friday losing 234 points. Its immediate support is at 22500 level on closing basis. A decisive close below this support it may correct more 300 points. If nifty maintains this level we can't see any big correction. If nifty can trade sustainably above 22500 we can see once more upside push by nifty up to 22700 level.

In bank nifty, we saw a heavy selling pressure directing it to a bearish territory after a long time of upside movement. It is currently facing a heavy resistance at 49880 to 49000 level and if it decisively trade above this level we can see bank nifty at 50000 mark. However, the bank nifty presently is at support area and its big support is at 48000 level. Below this level it may correct heavily for the coming week. In weekly time frame it has made a gravestone doji which is a bearish signal. 

TCS Quarter 4 results:

After a robust result by TCS which was announced after the Indian Stock market closing on last Friday, it all set to remain in focus on Monday market opening. The IT major reported a consolidated net profit of Rs.12434 crore on Q4 FY 24 beating the market expectations. It can respond positively on Monday. This figure shows a 9% increase from Rs.1392 crore last year. TCS recorded a  revenue growth of 2.2 % last quarter of March. This growth mainly driven by 38% of Indian business and 6.2% from UK. 

TCS share price target :

For the last five months TCS share price given a good upward move and maintained the level of 39800 level intact. It closed at 40001 on last Friday above 50 DMA. If TCS can trade above 40055 mark it can reach to 43000 mark in short term. A decisive close below 3951 mark it can go down to 3830 and then big selling may come. If it can maintain its upward move intact it we can see TCS at 4500 to 4600 level in coming days. 

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