EquityPandit’s Outlook for HCL Tech for the week (May 16, 2016 – May 20, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on absolutely flat note.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 706 and close the week around the levels of 723.

Support for the stock lies in the zone of 700 to 710 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 740 to 750 on upside.