EquityPandit’s Outlook for HCL Tech for the week (November 15, 2016 – November 18, 2016) :

HCL TECHNOLOGIES:

HCL Tech closed the week on negative note losing around 4.00%.

As we have mentioned last week that support for the stock lies in the zone of 775 to 785 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 760 to 770 where the stock has found support couple of times. During the week the stock manages to hit a low of 755 and close the week around the levels of 764.

Support for the stock lies in the zone of 750 to 760 where the stock has found support in the month of August-2016, September-2016 and October-2016. If the stock manages to close below these levels then the stock can drift to the levels of around 700 to 710 from where the stock has taken multiple support in the month of May-2016 and July-2016.

Resistance for the stock lies in the zone of 780 to 790 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 820 to 830 where the stock has form a top in early part of November-2016.

Broad range for the stock in the coming week is seen between 730 to 740 on downside to 780 to 790 on upside.