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

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 4.00%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 780 and close the week around the levels of 782.

Support for the stock lies in the zone of 770 to 780 where the stock has broken out of the short term top and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 750.

Resistance for the stock lies in the zone of 800 to 810 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 835 to 850 from where the stock sold off on 03/08/2016.

Broad range for the stock in the coming week is seen between 755 to 760 on downside to 800 to 810 on upside.