ICICIdirect has issued a technical Buy call on Tata Consultancy Services. The stock broker recommends buying stock in the range of Rs 2,580-2,540 with target Rs 2,930.

Commenting on technical rationale, the stock broker said, "TCS has yielded strong multifold gains for investors since bottoming out in March 2009. Till date, it continues to stride northwards in a rising peaks and troughs manner.

The underlying strength in the trend can be gauged from the fact that the stock has remained unfazed by the market wide fluctuations in the last five years and held its bullish structure. The recent up move since June 2014 is well channeled indicating sustained buying support at elevated levels and regular intervals."

"We believe the stock is set for its next up leg within the broader bull phase and is likely to head towards Rs 2950-3000 being the higher band of the rising channel and price parity with the previous up move from 2035 to 2610 as projected from the recent higher bottom of Rs 2430," it said.

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