EquityPandit’s Outlook for HCL Tech for the week (July 16, 2018 – July 20, 2018) : 

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 4.10%.

As we have mentioned last week, that 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 985 to 995 where break down levels are lying. During the week the index manages to hit a high of 1020 and close the week around the levels of 983.

Support for the stock lies in the zone of 960 to 970 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 920 to 930 where short and long term moving averages are lying.

Resistance for the stock lies in the zone of 1000 to 1020 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 1050 to 1060 where Fibonacci levels are lying.

Broad range for the stock in the coming week is seen between 940 to 950 on downside & 1020 to 1040 on upside.