Sumeet Bagadia of Choice Broking Calls This Tata Group Stock As Women's Day Pick; Here’s Why

A leading provider of business solutions, consulting, and IT services worldwide is Tata Consultancy Services (TCS). During today's closing session, the IT behemoth registered a market cap of Rs 14,87,070.15 Cr. TCS's shares closed at Rs 4110.10 on the BSE on Thursday, representing a gain of 1.10% from the previous closing of Rs 4065.30. On 09/02/2024, the share price of Rs 4,184.55 hit its 52-week high, while on 17/04/2023, it fell to Rs 3,070.30, its 52-week low.

TCS Share Price Target

Buy TCS @ Rs 4070 & upto 4000 for the target of Rs 4400/ 4600

Sumeet Bagadia - Executive Director at Choice Broking has selected TCS as its Women's Day stock pick and said that Tata Consultancy Services (TCS), currently priced at Rs 4070, has shown a promising technical setup on the weekly chart with the formation of a rounding bottom pattern. The recent breakout from a daily trendline accompanied by substantial volume suggests a robust uptrend. Immediate resistance is anticipated around Rs 4400, while solid support is observed near Rs 3780.

Furthermore, TCS is trading above crucial Exponential Moving Averages (EMAs) such as the 20-day, 50-day, 100-day, and 200-day, indicating a strong bullish momentum and signaling the potential for further upward price movement. The Relative Strength Index (RSI) has rebounded from lower levels and currently stands at 55.84, reflecting increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) displays a positive crossover, further supporting the bullish outlook.

Collectively, these technical indicators suggest that TCS may have the potential to achieve target prices of Rs 4400 and Rs 4600 in the near term. A prudent strategy would involve considering buying opportunities on market dips, particularly around the Rs 4000 level.

In summary, given the positive technical analysis and prevailing market conditions, TCS appears to present a promising buying opportunity for those targeting Rs 4400 and Rs 4600 price levels. It is essential to implement prudent risk management measures when considering such trades.

TCS News

Tata Consultancy Services (TCS) announced on March 07, 2024 that the Top Employers Institute, a global organization that celebrates excellence in people practices, has named it a Global Top Employer. For the seventh year in a row, TCS's innovative talent development and employee engagement programmes have strengthened its standing as a top employer worldwide. TCS has been recognised as a top employer in 32 countries and regions, including Europe, the UK, the Middle East, North America, Latin America, and South East Asia.

"Steered by the values of the Tata Group, TCS is dedicated to creating a supportive and inclusive workplace with extensive development opportunities and well-being initiatives. Employee-centricity is a core value for TCS, which employs a diverse workforce of 603,305 employees in 55 countries representing 153 nationalities (as of December 31, 2023). Women make up 35.7% of its workforce," Tata Consultancy Services in a stock exchange filing today.
David Plink, Chief Executive Officer, Top Employers Institute, said, "TCS is a longstanding certified Top Employer. Starting country by country, then regional and now for years already a leading Global Top Employer. This is a testament to the people-centricity and vision at TCS. A true partnership between employer and employees."

Based on a thorough evaluation of 20 topics and six core HR domains-including work environment, diversity and inclusion, talent acquisition, people strategy, well-being, and learning-TCS was accredited as a top employer. TCS received praise for two industry-first initiatives, the Engagement with Purpose framework and the TCS Elevate programme for people development, even though it performed exceptionally well in every category. Out of all the participating organisations, TCS came in second place for Employee Health & Wellness.

Milind Lakkad, Chief Human Resources Officer, TCS, said, "To be recognized as a global top employer by the Top Employers Institute is a validation of our talent engagement and transformation practices across the globe. While it is humbling to receive this certification for the ninth consecutive year, it is satisfying to see TCS honoured on a world stage for its people practices. Employer brand is very important to TCS, and we are proud to report industry-best retention rates. Our ability to attract, nurture, and retain the best talent is a major advantage for us and our customers see the benefits of these investments every day."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.