EquityPandit’s Outlook for HCL Tech for the week (October 26, 2015 – October 30, 2015):

HCL TECHNOLOGIES:

HCL Technologies (NSE: HCLTECH) closed the week on positive note gaining around 1.4%.

As we have mentioned last week that resistance for the stock lies in the range of 850 to 870 where trend-line resistance for the stock is positioned. If the stock manages to close above the levels of 870 then the stock can move to the levels of 930 to 940 where 100 & 200 Daily SMA are positioned. During the week the stock manages to hit a high of 870 and close the week around the levels of 853.

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 870. If the stock manages to close above the levels of 870 then the stock can move to the levels of 930 to 940 where 100 & 200 Daily SMA are positioned. The stock has been 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 830 to 840 on downside to 880 to 890 on upside.