EquityPandit’s Outlook for HCL Tech for the week  (May 15, 2017 – May 19, 2017) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 2.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 835 to 840 where short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 855 to 860 where Fibonacci level is lying. During the week the stock manages to hit a high of 859 and close the week around the levels of 848.

Minor support for the stock lies in the zone of 835 to 840. Support for the stock lies in the zone of 820 to 825 where Fibonacci levels and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 800 to 810 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the stock lies in the zone of 855 to 860 where Fibonacci level is lying. If the stock manages to close above these levels then the stock can move to the levels of 885 to 895 where Fibonacci levels and highs for the month of March-2017 are lying.

Broad range for the stock in the coming week is seen between 810 to 820 on downside & 870 to 875 on upside.