EquityPandit’s Outlook for HCL Tech for the week (Oct 15, 2018 – Oct 19, 2018) : 

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 9.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 1080 to 1100 where the stock has made a high in the month of April-2018. If the stock manages to close above these levels then the stock can move to the levels of 1120 to 1140. During the week the stock manages to hit a high of 1084 and close the week around the levels of 985.

Support for the stock lies in the zone of 965 to 975 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 930 to 940 where the stock has formed a low in the month of July-2018.

Minor resistance for the stock lies in the zone of 995 to 1000. Resistance for the stock lies in the zone of 1020 to 1030 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 from where the stock broke down after consolidation.

Broad range for the stock in the coming week is seen between 930 to 950 on downside & 1040 to 1060 on upside.