EquityPandit’s Outlook for HCL Tech for the week (October 24, 2016 – October 28, 2016) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 2.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 820 to 830. If the stock manages to close above these levels then the stock can move to the levels of 845 to 850 from where the stock sold off on 03/08/2016. During the week the stock manages to hit a high of 849 and close the week around the levels of 832.

Minor support for the stock lies in the zone of 800 to 810. Support for the stock lies in the zone of 780 to 790 where medium term moving averages and 200 Daily SMA are lying. If the stock manages to close below these levels then the stock can drift to the levels of 750.

Resistance for the stock lies in the zone of 850 to 860 from where the stock sold off on 03/08/2016 and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 880 to 885.

Broad range for the stock in the coming week is seen between 790 to 800 on downside to 850 to 860 on upside.