Scrip Name: TCS CMP :1845.4
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Comment
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Trade Check List
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PRICE/BOOK
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14.59
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ADX level
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9.86
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5 & 14 day RSI Value
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62, 72
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Weight on BSE & NSE
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11.56, 9.88
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Support Level
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1755.95, 1800.65
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Resistance Level
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1873.1, 1900.85
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Action
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Sell
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Reasons to short TCS,
- High P/B ratio @14.59, CNX IT's P/B values is 5.55 as on 8-Aug-13.
- RSI value indicates TCS at over-brought condition.
- ADX level indicates non-trending moment, and
- TCS weight-age on BSE & Nifty is >= 10 (high probability of selling might happen @ this condition).
My entry point: 1873-1900 range, and stop-loss will be @ is previous all time high 1890. I'm looking for short to medium term trade in this setup.
PFB the chart for the same,

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