EquityPandit’s Outlook for HCL Tech for the week (October 12, 2015 – October 16, 2015):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on negative note losing around 1.0%.

As we have mentioned last week that technically the stock has support around the levels of 830 from where the stock has bounced in the month of April – 2015. Below the levels of 830 the stock can drift to the levels of 800 where 500 Daily SMA is lying. During the week the stock manages to hit a low of 811 and bounced to close the week around the levels of 849.

Support for the stock lies in the zone of 800 where 500 Daily SMA, 100 Weekly SMA and trend-line support for the stock are positioned. If the stock breaks below the levels of 800 then the stock can drift to the levels of 750.

Resistance for the stock lies in the range of 850 to 870 where trend-line resistance for the stock is positioned. If the stock manages to close above the levels of 870 then the stock can move to the levels of 930 to 940 where 100 & 200 Daily SMA are positioned.

The stock has formed a Doji pattern in strong downtrend indicating the trend reversal.

Broad range for the stock in the coming week is seen between 810 to 820 on downside to 870 to 880 on upside.