EquityPandit’s Outlook for HCL Tech for the week (February 15, 2016 – February 19, 2016):
HCL Tech closed the week on negative note losing around 8.20%.
As we have mentioned last week that support for the stock lies in the zone of 840 to 850 where short term moving averages, 100 Weekly SMA and trend-line joining recent highs is positioned. If the stock closes below this levels then the stock can drift to the levels of 800 to 810 where the stock has made a bottom in January – 2016. During the week the stock manages to hit a low of 784 and close the week around the levels of 798.
The stock has closed around the strong support zone of 780 where trend-line joining earlier lows is lying. If the stock manages to close below this levels then the stock can drift to the levels of 720 to 730 where the stock has formed a bottom in the month of December – 2014.
Resistance for the stock lies in the zone of 830 to 840 where short term moving averages and 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 865 where 100 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 760 to 770 on downside to 830 to 840 on upside.