EquityPandit’s Outlook for HCL Tech for the week (November 02, 2015 – November 06, 2015):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on positive note gaining around 2.2%.

As we have mentioned last week that support for the stock lies in the zone of 850 where trend-line support for the stock is lying. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 800 where 500 Daily SMA, 100 Weekly SMA and trend-line support for the stock are positioned. During the week the stock manages to hit a low of 854 and bounce to close the week around the levels of 871.

Support for the stock lies in the zone of 850 where trend-line support for the stock is lying. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 800 where 500 Daily SMA, 100 Weekly SMA and trend-line support for the stock are positioned.

Resistance for the stock lies in the range of 890 to 900. If the stock manages to close above the levels of 890 then the stock can move to the levels of 920 to 930 where 100 & 200 Daily SMA are positioned. The stock has close the week above the levels of 870. The stock was consolidating in the range of 810 on downside to 870 on upside since last 3 weeks.

Broad range for the stock in the coming week is seen between 850 to 855 on downside to 890 to 900 on upside.