The CEO of TCS says demand pipeline looks good, and better client spend in FY12. Also there is no business impact now from unrest in Middle East. So why on earth (rather why in BSE) is the stock price of Tata Consultancy Services trading at 1108.75 today, down 2.27% on the day?

Sure, the overall market is down, with the Sensex down by 1.43%. But when the news is good, the layperson would think hey, shouldn’t I be buying this stock?

Well folks, for better or worse, readers of this blog seem to want an ELliott Wave perspective on TCS stock price outlook. And after the usual disclaimer that this is not investment advice, I would suggest that Tata Counsulatncy Services stock could be purchased at least another 9-10% lower than current levels.

Later today, I will publish a short video on why I think TCS goes down. Stay tuned.