EquityPandit’s Outlook for HCL Tech for week (August 03, 2015 – August 07, 2015):
HCL Technologies (NSE: HCLTECH) closed the week on positive note gaining around 5%.
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 1006 during the week.
Last week the stock has formed a Shooting Star pattern on Weekly charts indicating the end of the uptrend in the stock and the stock corrected to the levels of 920 before bouncing back to the levels of 1000 by end of the week.
The stock has formed a Bullish engulfing pattern on monthly charts. If the stock manages to close above the levels of 1005 the stock can move to the levels of 1040.
Support for the stock lies in the range of 950 to 960 where short term moving averages and 100 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 950 to 970 on downside to 1020 to 1040 on upside.