EquityPandit’s Outlook for HCL Tech for the week (May 07, 2018 – May 11, 2018) : 

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 10.70%.

As we have mentioned last week, that support for the stock lies in the zone of 1020 to 1040 from where the stock broke out of January-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 980 to 990 from where the stock broke out of March-2018 high. During the week the stock manages to hit a low of 908 and close the week around the levels of 930.

Support for the stock lies in the zone of 900 to 910 where the stock has taken support in the month of February-2018 and March-2018. If the stock manages to close below these levels then the stock can drift to the levels of 870 to 880 from where the stock broke out in the month of December-2017.

Resistance for the stock lies in the zone of 950 to 960 from where the stock broke down from April-2018 low and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 980 to 1000 where break down levels are lying.

Broad range for the stock in the coming week is seen between 850 to 860 on downside & 1000 to 1010 on upside.