EquityPandit’s Outlook for HCL Tech for the week (May 30, 2016 – June 03, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 2.80%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 750. Resistance for the stock lies in the zone of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016. If the stock manages to close above these levels then the stock can move to the levels of 825 to 835 where short term moving averages and 100 Daily SMA is lying. During the week the stock manages to hit a high of 760 and close the week around the levels of 758.

Minor support for the stock lies in the zone of 730 to 740. Support for the stock lies in the zone of 700 to 710 from where the stock has formed a bottom in the month of Dec – 2014. If the stock manages to close below these levels then the stock can drift to the levels of 650.

Minor resistance for the stock lies in the zone of 750. Resistance for the stock lies in the zone of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016. If the stock manages to close above these levels then the stock can move to the levels of 820 to 825 where 100 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 730 to 735 on downside to 775 to 780 on upside.