IT twins TCS and Infosys will be declaring there Q1 results today, A close look at charts reveal the out performance by TCS and Under performance by INfy after the declaration of Q4 Results.
TCS has gaped up from 1074-1117 and is still holding the run away gap. After this formed a range from 1195-1295 and has been trading the same.
Technically TCS look ripe for correction as it has formed a Bearish Harami Candlestick pattern,
Sell below 1250 Tgt 1240,1228 and 1211
Infosys
Infosys did a huge gap down on its earning day 2750-2522 and after that traded in range of 2300-2520. Infy is unable to close above its 20 DMA which is 2478 which means supply at higher levels.Stock has rallied from 2400 to 2494 before results and any disappointment again can lead infosys to its lower end of trading range at 2300.
Breakout will come past 2550 where the stock can rally towards it 200 DMA at 2646.
Buy above 2500 Tgt 2530,2550 and 2600
Sell below 2443 Tgt 2415,2385 and 2345