EquityPandit’s Outlook for HCL Tech for the week (December 05, 2016 – December 09, 2016) :

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 1.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 820 to 830 where the stock has form a top in early part of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 850 to 860 levels where the stock has formed a top in the month of August-2016 and October-2016. During the week the stock manages to hit a high of 817 and close the week around the levels of 794.

Minor support for the stock lies in the zone of 780 to 785. Support for the stock lies in the zone of 750 to 760 where the stock has found support in the month of August-2016, September-2016 and October-2016. If the stock manages to close below these levels then the stock can drift to the levels of around 700 to 710 from where the stock has taken multiple support in the month of May-2016 and July-2016.

Resistance for the stock lies in the zone of 820 to 830 where the stock has form a top in early part of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 850 to 860 levels where the stock has formed a top in the month of August-2016 and October-2016.

Broad range for the stock in the coming week is seen between 760 to 770 on downside to 820 to 830 on upside.