EquityPandit’s Outlook for HCL Tech for the week (February 01, 2016 – February 05, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 3.10%.

As we have mentioned last week that the resistance for the stock lies in the zone of 850 to 860 where trend-line joining recent highs is positioned. If the stock manages to close above this levels then the stock can move to the levels of 880 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 870 and close the week around the levels of 866.

Support for the stock lies in the zone of 840 to 850 where short term moving averages, 100 Weekly SMA and trend-line joining recent highs is positioned. If the stock closes below this levels then the stock can drift to the levels of 800 to 810 where the stock has made a bottom in January – 2016.

Stock has closed around the resistance zone of 870 where 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 900 where 200 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 840 to 845 on downside to 885 to 890 on upside.