TCS has been respecting the range proposed in the last idea. Still waiting to see closing above 2744 for a significant upside.
However, we can see formation of a reverse head and shoulders pattern at the resistance line of 2744. This means a breakout on closing basis shall take the stock up fast.
After a commendable run post good results and buy back. TCS has moved back into its upwards channel and is not consolidating with support of the gap created on Buyback news.
December month is good option to sell calls of 2750 and take long positions on closing above 2750 for 3000 levels.
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TCS Seems to in the stage of completing Wave 2. The Wave 3 would be much stronger and may bounce towards upside extending up to 2550 level. In case if the break out happens towards the downside, the downside would very limited. Strong support at 2180-2200 level. So good to hold long. Strong upside post August expiry.
As per my wave analysis.. we are in correction for more further UP later on..
If and when it comes to 1950 levels, please look for buy positions on proper reversal signs and on BO confirmation, only buy this for 2050+ levels..
Best of luck..