EquityPandit’s Outlook for HCL Tech for the week (Oct 22, 2018 – Oct 26, 2018) : 

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 2.70%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 1036 and close the week around the levels of 953.

Support for the stock lies in the zone of 940 to 950 where the stock has taken support in the month of July-2018. If the stock manages to close below these levels then the stock can drift to the levels of 910 to 920 where long term Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 980 to 990. 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 900 to 910 on downside & 1000 to 1010 on upside.