EquityPandit’s Outlook for HCL Tech for the week (February 22, 2016 – February 26, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 6.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 830 to 840 where short term moving averages and 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 865 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 857 and close the week around the levels of 852.

Minor support for the stock lies in the zone of 800 to 810. Support for the stock lies in the zone of 780 where trend-line joining earlier lows is lying. If the stock manages to close below this levels then the stock can drift to the levels of 720 to 730 where the stock has formed a bottom in the month of December – 2014.

Resistance for the stock lies in the zone of 850 to 860 where 100 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 890 to 900 where 200 Daily SMA is positioned.

Broad range for the stock in the coming week is seen between 800 to 810 on downside to 870 to 880 on upside.