Technical Picks to Keep an Eye on Tata Consultancy Services & Devyani International

Based on technical analysis, Tata Consultancy Services & Devyani International are identified as upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 3,960 and Rs 166 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Tata Consultancy Services Ltd

The daily chart of Tata Consultancy Services Ltd

On the daily chart, Tata Consultancy Services Ltd is presently showing a promising picture; the stock price is trading near a resistance. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the region marked on the chart, with the support of decent volume.

Those considering a possible trade-in Tata Consultancy Services Ltd might purchase the stock at the current price with a stop loss below 50-day EMA at Rs 3,850 on a closing basis and aim to capitalise above the 52-week high.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after the signs of sustenance above the current level. The stock appears bullish when one looks at the Relative Strength Index, which is now trading at 59. The ADX of 18 indicates the present state of price momentum, which is moving with normal momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at 50-day EMA. The minor upper resistance is marked on the chart and if the stock closes above resistances, then it may consistently trade above current levels.

Tata Consultancy Services Ltd. is an information technology services, consulting, and business solutions organization.

Devyani International Ltd

The daily chart of Devyani International Ltd

Devyani International Ltd’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 166 and may start the uptrend from the current levels as it has given a breakout of the consolidation. The stock price is currently trading above all the important moving averages and bouncing from the 50-day EMA.

Those interested in possible trade-in Devyani International Ltd could purchase the stock at the present price, setting a stop loss below Rs 160, and aim for a target price around Rs 200.

The stock is trading above its all-important moving averages, and it is expected to find support near on 50-day EMA. The Relative Strength Index is trading near neutral levels at 49.65. This implies there may be potential for an increase in stock price strength. The ADX, now around 16, shows low momentum and directional strength.

The level at Rs 160 serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the current level and trades above it.

Devyani International Ltd. engages in the development and operation of quick-service restaurant.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.