Q3 earnings impact: Infy, TCS can rally up to 10%, Wipro may weaken further

TCS is heading towards Rs 4,200 followed by Infosys, which is moving in the direction of Rs 2,100

IT majors Tata Consultancy Services and Infosys beat the Street estimates on growth while announcing their Q3 results on Wednesday. Wipro, however, fell short of expectations after delivering consistent performance in the last three to four quarters.

In case of Infosys, the company not only beat its constant currency revenue growth by 7 per cent on sequential basis, it also upped its FY22 revenue guidance to a range of 19.5 per cent to 20 per cent, from the earlier 16.5 per cent to 17.5 per cent growth target. READ MORE

Meanwhile, here's what the charts have to say about the near-term trajectory for these stocks.

Tata Consultancy Services (TCS)
Likely target: Rs 4,250
Upside potential: 10%

The stock is only Rs 100 short from hitting a new all-time high. And the overall trend continues to attract bullish bias, as per the candlestick formation on the daily chart. On a broad perspective, as long as the support of Rs 3,750 is held decisively, the stock momentum may see a rally towards Rs 4,250 levels. Furthermore, an aggressive close above Rs 4,000 could see a sharp upward rally. CLICK HERE FOR THE CHART

Infosys Ltd (INFY)
Likely target: Rs 2,100
Upside potential: 10%

The shares of Infosys Ltd recorded a new all-time high in Thursday’s session and going forward, a clear sustainability above Rs 1,900 could open doors for a next breakout towards Rs 2,100 levels. The immediate support for the stock falls at Rs 1,850 and Rs 1,800 levels. The medium-term outlook suggests a bullish bias as the stock broke out of the sideways consolidation in December 2021, according to the daily chart. CLICK HERE FOR THE CHART

 
Wipro Ltd (WIPRO)
Oulook: Weak sentiment below Rs 670

The shares of Wipro have violated the crucial support of Rs 670 levels and if it fails to show revival, the sentiment and momentum might turn into a negative bias. The next support is positioned at the Rs 630 and further down to Rs 610 levels, as shown in the daily chart. A dip below Rs 645 may see a sharp decline with added interest in volumes. CLICK HERE FOR THE CHART