EquityPandit’s Outlook for HCL Tech for the week (October 05, 2015 – October 09, 2015):
HCL Technologies (NSE: HCLTECH) closed the week on negative note losing around 10%.
The stock sold off on 01/10/2015 when the company announced that there can be slippages in the margins in Quarterly results. The stock was down more than 15% but recovered to end the day, down more than 12%.
Technically the stock has support around the levels of 830 from where the stock has bounced in the month of April – 2015. Below the levels of 830 the stock can drift to the levels of 800 where 500 Daily SMA is lying.
Resistance for the stock lies in the range of 920 to 940 where 100 and 200 Daily SMA are positioned.
Broad range for the stock in the coming week is seen between 830 to 840 on downside to 920 to 930 on upside.