In case some body wants to make a long term entry in TCS and if he waits for few more weeks, stock would be trading higher at Rs 1100-1150. That is the short term price target, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

The key benchmark indices edged lower amid high volatility, tracking weak European stocks and lower US index futures, as caution prevailed ahead of G-20 meet. Volatility was high as traders rolled over positions in the derivatives segment from the near-month October 2010 series to November 2010 series ahead of the expiry of the October 2010 contracts next Thursday, 28 October 2010. The BSE 30-share Sensex was down 94.72 points or 0.47% off close to 185 points from the day's high and up close to 80 points from the day's low.

TCS hit record high after reporting forecast-beating Q2 result. But, Wipro slumped after reporting Q2 results that came in below market expectations. Shares of IT bellwether Infosys gained. Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. The market breadth was negative, in contrast with a strong breadth earlier in the day. High beta metal and realty stocks fell. FMCG stocks also declined.

Wipro ended 4.54 percent lower at Rs.448.40 after the company, hit by forex losses and salary hikes, posted only a 10 percent rise in net profits for the quarter ended Sep 30. Wipro Ltd, the country's third-largest software exporter, today announced a lower-than-expected 9.75% growth in consolidated net profit at Rs1,284.90 crore for the second quarter, sending the company's stock price down 4.5% to about Rs 448 by the end of trading. Tata Consultancy Services (TCS) shares jumped 5.75% to a record high of Rs1,040 after its quarterly profit exceeded forecasts.In the corresponding quarter last year, Wipro had recorded a net profit of Rs1,170.70 crore, the company informed the Bombay Stock Exchange, PTI reports.

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