TCS needs to breakout over Rs 3,150-level for fresh rally, chart says

There is an "Inverse Head and Shoulder" pattern getting established on the daily chart. Technically, this pattern breakout over Rs 3,150 levels would add aggressive bets on the stock.

The IT sector has started the Q2 earnings season on a positive buzz, with TCS on Monday reporting 8.4 per cent year-on-year (YoY) profit beating street estimates.

Tata Consultancy Services (TCS), the IT services and consulting company's reveneue grew 4.84 on QoQ basis and declared a second interim dividend of Rs 8 per share.

The Q2 numbers topped Bloomberg estimates, which had pegged revenue at Rs 54,932 crore, and net profit at Rs 10,294 crore. In US dollar terms, revenue grew 4 per cent sequentially in constant currency. READ MORE
 

This morning, shares of TCS began the