EquityPandit’s Outlook for HCL Tech for the week (August 24, 2015 – August 28, 2015):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on negative note losing 1%.

As we have mentioned last week that the stock has formed a Bullish Harami pattern on daily charts 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 and the stock hit a high of 997.7 during the week and retraced to the levels of 965.

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.

The stock has taken support around the levels of 940 where 100 Daily SMA is positioned. If the stock breaks below the levels of 940 the stock can move to the levels of 900 where 200 Daily SMA is positioned.

Support for the stock lies in the range of 900 to 910 where 200 Daily SMA is lying.

Resistance for the stock lies in the range of 980 to 1000 where upwards moving trend-line is positioned.

Broad range for the stock in the coming week is seen between 900 to 910 on downside to 980 to 1000 on upside.