EquityPandit’s Outlook for HCL Tech for the week (January 04, 2016 – January 08, 2016):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on negative note losing around 1.75%.

As we have mentioned last week that the stock is trading around the support zone of 840 where 100 Weekly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 815 to 825 where 500 Daily SMA and trend-line support for the stock is lying. During the week the stock manages to hit a low of 837 and manages to close the week around the levels of 846.

Support for the stock lies in the zone of 840 where 100 Weekly SMA and trend-line joining recent lows are lying. If the stock closes below this levels then the stock can drift to the levels of 815 to 825 where 500 Daily SMA and trend-line support for the stock is lying.

Resistance for the stock lies in the zone of 865. If the stock manages to close above this levels then the stock can move to the levels of 880 to 890 where 100 Daily SMA is positioned.

The stock has formed a Bearish Engulfing pattern on weekly charts indicating the bearish view on the stock in coming weeks.

Broad range for the stock in the coming week is seen between 825 to 830 on downside to 860 to 865 on upside.