Stock Radar: TCS showing signs of bottoming out; likely to reclaim 4,000 level

The IT stock hit a high of Rs 4,254 on the S&P BSE Sensex on March 18, but experienced a subsequent decline, reaching levels around 3,500 points. A rebound followed, with the stock reaching a low of approximately 3,600 points on June 4, 2024. A steady rise ensued, propelling the stock to reclaim its 50-day moving average on the daily charts — a significant technical level. A buy signal generated by the Supertrend indicator on June 27, 2024, further suggested that the upward momentum was likely to continue.