EquityPandit’s Outlook for HCL Tech for the week (August 17, 2015 – August 21, 2015):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on positive note gaining around 3.5%.

On daily charts the stock has formed a Bullish Harami pattern and if the stock manages to close above the levels of 984 the stock can move to the levels of 1000 and 1020 where trend-line joining high is positioned.

The stock has formed a Morning star pattern on weekly charts indicating the trend reversal in the downtrend.

The stock has formed a Bullish engulfing pattern on monthly charts. If the stock manages to close above the levels of 1005 the stock can move to the levels of 1040.

Support for the stock lies in the range of 950 to 960 where short term moving averages and 100 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 930 to 940 on downside to 1020 to 1040 on upside.