Weekly Picks 16th January 2023

1. TCS LTP 3375

Tata Consultancy Services is an IT services, consulting, and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. A part of the Tata group, India’s largest multinational business group, TCS has over 592,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

• TCS closed the week above the 60-Weeks Moving Average Support levels of 3307 for first time since Nov-21.
• The counter has formed decent mid-term base at around 3200 levels over the past one & half months.
• Technically, the immediate bias is “Buy-On-Dip” towards 3320 & lower support levels with stop below 3240 or 3180 levels on a daily closing basis.
• On the higher-end, the counter can target major mid-term hurdle of 3480-3500 levels which need to be held for fresh break-out towards 3800 levels once again through following months.
• Overall, immediate short to mid-term bias remains “Range to Up” above supports of 3240 & major 3150 levels

Open Interest Study

(Source: Fisdom research)

• Open Interest maximum Put build-up is at around 3300 & next at 3200 levels. This indicates strong support for Jan-23 series.
• On the Higher-end, the maximum call build-up is witnessed at around 3400 & next 3500 levels which can be viewed as potential targets-cum-hurdle for the current series

2. APLAPOLLO LTP 1135

With a capacity to produce 2.6 million Tonnes per annum, APL Apollo Tubes Limited is the largest producer of structural steel tubes in India. We have an extended distribution network of warehouses and branch offices in 29 cities across the country, catering to domestic and 20 countries worldwide. Headquartered at Delhi NCR APL Apollo, with its world-class facilities, widely spread 3-tier distribution network, and over 800 dealers, it is committed to strengthening India’s infrastructural backbone with its structural tubes and hollow sections.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

• In Oct-22, APLAPOLLO delivered a monthly consolidation breakout underway since Jul-21.
• Counter re-tested the support zone & witnessed a strong closing at around 1135 last week.
• Technically, the counter holds “Buy-on-dip” & “accumulate” outlook on dips towards 1080 & lower. Maintain a weekly stop-loss below 1050.
• On the higher end, the counter can slowly & gradually inch higher towards 1250-1300 levels through next couple of weeks.

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