Title: TCS Share Price on the Rise: Experts Recommend Buying Before Q4 Results 2024
Shares of Tata Consultancy Services (TCS) have been on a rollercoaster ride recently, with sharp selling followed by strong buying at lower levels. After hitting a low of ₹3,840 per share in March, TCS share price has been steadily climbing, reaching an intraday high of ₹4,025.95 per share on NSE.
Market experts believe that TCS share price is on the verge of a breakout at ₹4,030 per share, with the potential to reach ₹4,300 per share in the short term. The optimism is fueled by expectations of mid-single digit growth in revenue, EBITDA, and PAT in the upcoming Q4 results 2024.
Dhruv Mudaraddi, a Research Analyst at StoxBox, anticipates modest growth for TCS in Q4FY24, with a focus on management commentary regarding the outlook for FY25, megadeals, pricing environment, and key verticals. However, concerns linger due to macro headwinds impacting client spending and deal ramp-ups.
Despite a cautious outlook following weak results from global IT major Accenture, experts like Amit Goel from Pace 360 remain positive about TCS’s prospects. Saurabh Jain from SMC Global Securities also highlights the increased rate of deal wins by Indian IT companies, including TCS, as a positive indicator for future performance.
Investors are advised to consider adding TCS shares to their portfolio, with a target price of ₹4,300 per share in the short term. Chart patterns suggest a potential breakout at ₹4,030 per share, with a trailing stop loss recommended at ₹3,900 per share.
For new investors, the recommendation is to buy TCS shares at the current level and accumulate on dips, with a short-term target of ₹4,300 per share. However, caution is advised, with a stop-loss at ₹3,900 per share for any fresh positions.
Disclaimer: The views and recommendations provided are those of individual analysts and experts, and investors are advised to seek professional advice before making any investment decisions.
