EquityPandit’s Outlook for HCL Tech for the week (January 16, 2017 – January 20, 2017) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 4.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 830 to 840 where the stock has form a top in the month of December-2016.. If the stock manages to close above these levels then the stock can move to the levels of 850 to 860 levels where the stock has formed a top in the month of August-2016 and October-2016. During the week the stock manages to hit a high of 858 and close the week around the levels of 850.

Support for the stock lies in the zone of 820 to 830 where Fibonacci ratio is lying. If the stock manages to close below these levels then the stock can drift to the levels of 800 to 805 where medium term moving averages and Fibonacci ratio is lying.

Resistance for the stock lies in the zone of 860 to 865 levels where the stock has formed a top in the month of August-2016 and October-2016. If the stock manages to close above these levels then the stock can break out of 8 months of consolidation and the stock can move to the levels of around 900.

Broad range for the stock in the coming week is seen between 800 to 810 on downside to 880 to 890 on upside.