TCS Share Price: Stock market experts unveil this trade strategy to mint money
TCS Share Price: Tata Consultancy Services or TCS shares have gone up by around 4 per cent after the opening bell today. TCS shares continue to rise post-opening bell and registered near Rs 85 to Rs 2,417 per share levels.
TCS Share Price: Tata Consultancy Services or TCS shares have gone up by around 4 per cent after the opening bell today. TCS shares continue to rise post-opening bell and registered near Rs 85 to Rs 2,417 per share levels. According to the market experts, TCS shares are rising due to various factors that include yesterday beating by the heavy selloff, company's announcement of a transformational deal from maurices, a women’s fashion-apparel retail chain in the US and Canada and the general availability of its award-winning Quartz™ suite of blockchain based solutions on Microsoft Azure Blockchain Service. This may spurt business of the company in future and that's why the TCS shares are rising. They advised stock market investors to buy TCS shares at around Rs 2400 for the target of Rs 2,700 in next three months.
Speaking on the major levels for the TCS share price Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "TCS share price has recently made a breakout after sustaining above Rs 2,300 per share mark. But, due to the heavy selloff in the counter yesterday, it came below Rs 2,300 but maintained its strong support at Rs 2,300. One can buy this stock at around Rs 2,400 even now."
Singre said that IT stocks have managed to hold its position strongly even when the markets were under pressure due to the COVID-19 outbreak, he advised investors to maintain 'buy on dips' strategy and buy TCS shares at around Rs 2,400 maintaining stop loss at Rs 2,300 for the target of Rs 2,700 in next three to six months.
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Giving fundamental reason for the rise in TCS share price Jyoti Roy, Deputy Vice President- Equity Strategist at Angel Broking said, "TCS has announced that they have won a transformational deal from maurices, a women’s fashion-apparel retail chain in the US and Canada, to help create a new flexible and scalable IT landscape for the latter. As part of the deal TCS will help maurices to build its greenfield IT ecosystem that will optimize more than 200 existing applications and software components in the next 17 months. In addition, TCS will help maurices build a brand-new data analytics platform with extensive reporting features. The project will also involve a refreshed, upgraded ecommerce platform that will facilitate quicker business decisions and faster go-to-market responses to industry or fashion trends. We expect Indian IT companies will keep winning transformational deals going forward given greater adoption of digital technologies post the Covid-19 pandemic. Therefore we continue to maintain our positive stance on the sector."
Roy said that it recently announced the general availability of its award-winning Quartz™ suite of blockchain based solutions on Microsoft Azure Blockchain Service. The Quartz suite of products helps organizations set up connected ecosystems delivering real-time, efficient transaction-processing hosted on a secure cloud.
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