TCS Share Price: Tata Consultancy Services or TCS shares have gone up by around 1 per cent after the opening bell sounded today. TCS shares rose near Rs 20 to Rs 2,485 per share levels. According to the market experts, TCS has announced the general availability of its award-winning Quartz suite of blockchain based solutions on Microsoft Azure Blockchain Service. This may spurt business of the company in future and that’s why the TCS shares are rising. They said it has already scaled up and hence there is some profit booking awaited. One can maintain a ‘buy on dips’ strategy in the TCS stocks, experts said.
Speaking on the major levels for the TCS share price, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “TCS share price has recently made a breakout after sustaining above Rs 2,300 per share mark. One can buy this stock at around Rs 2,400 as profit-booking is awaited in the market and the market is in the bearish trend as well.” He said that though the market is under selloff pressure, IT stocks have managed to hold its position strongly but some correction in the TCS shares from its current levels is expected due to the profit-booking as the share has already scaled near Rs 200 after making a breakout above Rs 2,300. Singre advised investors to maintain ‘buy on dips’ strategy and buy TCS shares at around Rs 2,400 maintaining stop loss at Rs 2,300 for the target of Rs 2,700 in next three to six months.
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Giving fundamental reason for the rise in TCS share price, Jyoti Roy, Deputy Vice President- Equity Strategist at Angel Broking said, “Tata Consultancy Services announced the general availability of its award-winning Quartz suite of blockchain based solutions on Microsoft Azure Blockchain Service. The Quartz suite of products helps organizations set up connected ecosystems delivering real-time, efficient transaction-processing hosted on a secure cloud. TCS has already signed up customers for Quartz on Azure and expects greater demand for its ready-to-use solutions off the Azure platform. We continue to remain positive on the IT sector given greater adoption of digital technologies post Covid-19. In our view the launch of the new suite of blockchain based products is positive for the company.” However, he also maintained that due to the expensive valuations, there will be limited upside swing from current levels.