EquityPandit’s Outlook for HCL Tech for the week (Jan 28, 2019 – Feb 1, 2019) : 

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 0.30%.

As we have mentioned last week, that resistance for the stock lies in the zone of 980 to 990 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1015 to 1025 where Fibonacci levels are lying. During the week the stock manages to hit a high of 981 and close the week around the levels of 969.

Minor support for the stock lies in the zone of 945 to 955. Support for the stock lies in the zone of 920 to 930 where the stock has taken support in the month of December-2018. If the stock manages to close below these levels then the stock can drift to the levels of 900 to 910 where Fibonacci levels and low for the month of July-2018 is lying.

Resistance for the stock lies in the zone of 980 to 990 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 1015 to 1025 where Fibonacci levels are lying.

Broad range for the stock in the coming week is seen between 910 to 920 on downside & 990 to 1000 on upside.