EquityPandit’s Outlook for HCL Tech for the week (August 31, 2015 – September 04, 2015):
HCL Technologies (NSE: HCLTECH) closed the week on negative note losing 1%.
As we have mentioned last week that the stock has taken support around the levels of 940 where 100 Daily SMA is positioned. If the stock breaks below the levels of 940 the stock can move to the levels of 900 where 200 Daily SMA is positioned. Below the levels of 940 the stock drifted to the levels of 884 during the week and bounce back to the levels of 952.
The stock has formed a Hammer pattern on weekly charts in an downtrend.
If the stock manages to close above the levels of 960 the stock can move to the levels of 1000 where upward moving trend-line is positioned.
If the stock drifts below the levels of 880, the stock can move to the levels of 860 where medium term trend-line support for the stock is lying.
Broad range for the stock in the coming week is seen between 900 to 910 on downside to 980 to 1000 on upside.