EquityPandit’s Outlook for HCL Tech for week (July 27, 2015 – July 31, 2015):
HCL Technologies (NSE: HCLTECH) closed the week on absolutely flat note.
As we have mentioned last week that if the stock manages to cross over the resistance zone of 970 to 980 the stock can move to the levels of 1000 to 1020 where upward sloping trend-line is positioned. The stock hit a high of 995 during the week and sold off to the levels of 950.
The stock has formed a Shooting Star pattern on Weekly charts indicating the end of the uptrend in the stock. The stock has to sustain above the levels of 995 to negate this pattern.
As seen from the chart, stock is approaching towards the strong support zone of 950 levels where 100 Daily SMA and upwards moving trend-line are positioned.
Below the levels of 950 the stock can drift to the levels of 900 to 930 where 200 Daily SMA and trend-line support are positioned.
Broad range for the stock in the coming week is seen between 920 to 930 on downside to 980 to 1000 on upside.