EquityPandit’s Outlook for HCL Tech for the week (January 11, 2016 – January 15, 2016):
HCL Tech closed the week on negative note losing around 2.10%.
As we have mentioned last week that the stock is trading around the support zone of 840 where 100 Weekly SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 815 to 825 where 500 Daily SMA and trend-line support for the stock is lying. During the week the stock manages to hit a low of 815 and manages to close the week around the levels of 832.
Support for the stock lies in the zone of 810 to 815 where the stock has formed a bottom in the month of October – 2015. If the stock manages to close below this levels then the stock can drift to the levels of 780 where trend-line support for the stock is lying.
Resistance for the stock lies in the zone of 850 to 860 where trend-line joining recent highs is positioned. If the stock manages to close above this levels then the stock can move to the levels of 880 where 100 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 810 to 815 on downside to 860 to 865 on upside.