EquityPandit’s Outlook for HCL Tech for the week (December 19, 2016 – December 23, 2016) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 2.20%.

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 840 and close the week around the levels of 821.

Minor support for the stock lies in the zone of 800 to 810. Support for the stock lies in the zone of 770 to 780 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of around 750 to 760 where the stock has found support in the month of August-2016, September-2016 and October-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 770 to 780 on downside to 840 to 850 on upside.