Those who buy the stock yesterday now they are losing the profits they gained yesterday.TCS share slips 2% after opening.

Why TCS share is falling?

Despite net profit rising 11% TCS’s share price is falling.

As per the technicals, TCS closed near 3320 levels which is resistance for the stock.

Right now stock is trading at 3250 and 3200 is the support level.

TCS shares Q3 Results

Despite the global market’s downfall, the company reported a net profit of a 10.98 percent increase in its consolidated net profit at Rs 10,833 crore for the quarter that ended December 2022 (Q3FY23).

Consolidated revenue from operations came in at Rs 58,229 crore up 19.11 percent against Rs 48,885 crore in the previous year.

The company also announced a Total Dividend of Rs 75/share in Rs 67 as a special dividend.

The operating profit margin stood at 27% in the Dec quarter vs the previous quarter.

In the above image, we can see a target of a red line which is marked horizontally after the breakout of the range marked with a blue line. We need to wait for the range breakout for 3450 levels breakout with volume then we see a target of 3850.