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Shares of Tata Consultancy Services today hit a record high, and the chart suggested further upside. The stock gained as much as 1.79 per cent to a record high of Rs 1,885.15.
Shares of the world's fourth largest IT services company broke above a resistance at Rs 1,840, the 61.8 per cent Fibonacci projection level of the uptrend from October 27, 2008 low to October 7, 2014 high.
As long as Rs 1,840 is the support, the stock is expected to move towards the next resistance at Rs 2,033, the 76.4 per cent projection level. Trend intensity (TI) indicator rose to 23, suggesting that the stock is in an uptrend.
MACD is positive and above its signal line. The stock had gained 37.12 per cent this year as of Tuesday's close and was the biggest percentage gainer among NSE Index shares.
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