EquityPandit’s Outlook for HCL Tech for the week (August 08, 2016 – August 12, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 9.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 752 and close the week around the levels of 822.

Support for the stock lies in the zone of 800 to 808 where the stock has opened gap up on 03-08-2016 and 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 770 to 780 where the stock has broken out of the short term top and medium term moving averages are lying.

Resistance for the stock lies in the zone of 860 to 865 from where the stock has sold off in the month of March – 2016 and April – 2016. If the stock manages to close above these levels then the stock can move to the levels of 890 to 900.

Broad range for the stock in the coming week is seen between 790 to 800 on downside to 860 to 870 on upside.