Tata Consultancy Services jumps up to 6.2% on Q2 results

Tata Consultancy Services Limited shares rose up to 6.2% on 9 October after Q2 profit grew 7.6% to Rs 13,884 crore. The 50-day SMA at Rs 2,254 is resistance. Tata Consultancy Services Limited [

] shares rose up to 6.2% on 9 October after the Q2 results. The stock ended the session at Rs 2,156, up 3.85%. Consolidated profit rose 7.6% to Rs 13,884 crore from Rs 12,904 crore a year earlier. Revenue grew 11.2% to Rs 73,188 crore from Rs 65,799 crore. EBIT rose 6% to Rs 17,553 crore, but the EBIT margin fell to 23.98% from 25.17%. The company announced a dividend of Rs 12 per share. The lower margin limits the positive read. The stock opened at Rs 2,086 and touched a high of Rs 2,204 on higher volume. IT stocks remain in a strongly bearish trend, and the stock is below its 50-day SMA. The RSI reads 50.60, which shows momentum improving but not strong. One strong session does not show a trend change. The 50-day SMA at Rs 2,254 is the immediate resistance, and a move above it would bring a recovery attempt into focus. Rs 1,975 is the major support, and a fall below it would put lower levels in view. Neutral stance while price trades between Rs 1,975 and Rs 2,254. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.