TCS hits record, can move another 5% at least

Heavy buying of call options and futures contracts followed after TCS' buyback announcement, in addition to cash-based buying intraday on Monday.

The current range for the stock is Rs 2,600-2786 with the stock quoting at Rs 2,661 intraday.

Potential gain as of now is another 5% at the minimum.


The stock has seen 36.32% delivery to traded quantity intraday, which is above the three month average of 33.39%, pushing the stock to a fresh high of Rs 2,666.7.

Buying was witnessed across the 2,600, 2,700, 2,800, 2,900 and 3,000 strike calls. Fresh writing was witnessed in the 2,600 put, which becomes strong support.

Active futures' contract open interest was up 15%, indicating fresh bullish bets creation intraday basis.