EquityPandit’s Outlook for HCL Tech for the week (March 06, 2017 – March 10, 2017) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 1.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 860 to 865 levels where the stock has formed a top in the month of August-2016 and October-2016. If the stock manages to close above these levels then the stock can break out of 8 months of consolidation and the stock can move to the levels of around 900. During the week the stock manages to hit a high of 855 and close the week around the levels of 853.

Minor support for the stock lies in the zone of 535 to 540. Support for the stock lies in the zone of 815 to 825 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 800 to 805 where medium term moving averages and Fibonacci level is lying.

Resistance for the stock lies in the zone of 860 to 865 levels where the stock has formed a top in the month of August-2016 and October-2016. If the stock manages to close above these levels then the stock can break out of 8 months of consolidation and the stock can move to the levels of around 900.

Broad range for the stock in the coming week is seen between 820 to 830 on downside & 870 to 880 on upside.