EquityPandit’s Outlook for HCL Tech for the week (March 27, 2017 – March 31, 2017) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 0.80%.

As we have mentioned last week that minor support for the stock lies in the zone of 850 to 855. Support for the stock lies in the zone of 830 to 835 where the stock has taken multiple support and short term moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels of 815 to 820 where Fibonacci level and medium term moving average is lying. During the week the stock manages to hit a low of 848 and close the week around the levels of 873.

Support for the stock lies in the zone of 860 to 865 where the stock broke out of August-2016 and January-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 835 to 840 where the stock has taken multiple support in the month of March-2017.

The stock has broken out of 8 months of consolidation and the stock can move to the levels of around 900. Resistance zone for the stock lies in the zone of 895 to 900 where Fibonacci level and highs for the month of February-2016 is lying.

Broad range for the stock in the coming week is seen between 850 to 855 on downside & 890 to 900 on upside.