EquityPandit’s Outlook for HCL Tech for the week (May 09, 2016 – May 13, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 3.70%.

As we have mentioned last week that the stock has virtually broken all the medium term supports. Support for the stock lies in the zone of 710 to 720 from where the stock has formed a bottom in the month of Dec – 2014. During the week the stock manages to hit a low of 721 and close the week around the levels of 723.

Support for the stock lies in the zone of 710 to 720 from where the stock has formed a bottom in the month of Dec – 2014. If the stock manages to close below these levels then the stock can drift to the levels of 650.

Minor resistance for the stock lies in the zone of 750. Resistance for the stock lies in the zone of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016. If the stock manages to close above these levels then the stock can move to the levels of 825 to 835 where short term moving averages and 100 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 700 to 705 on downside to 730 to 740 on upside.