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

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 3.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 740 to 745 where short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016. During the week the stock manages to hit a high of 759 and close the week around the levels of 753.

Support for the stock lies in the zone of 735 to 740 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 700 to 710 where the stock has formed a bottom in the month of Dec – 2014 and May – 2015.

Resistance for the stock lies in the zone of 765 to 770 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016.

Broad range for the stock in the coming week is seen between 733 to 738 on downside to 770 to 780 on upside.