EquityPandit’s Outlook for HCL Tech for the week (May 02, 2016 – May 06, 2016):
HCL Tech closed the week on negative note losing around 11.20%.
As we have mentioned last week that resistance for the stock lies in the zone of 850 to 860 where 500 Daily SMA and 100 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 875 to 880 where 200 Daily SMA is positioned. During the week the stock manages to hit a high of 856 and close the week around the levels of 750.
The stock has virtually broken all the medium term supports. Support for the stock lies in the zone of 710 to 720 from where the stock has formed a bottom in the month of Dec – 2014.
Resistance for the stock lies in the zone of 780 to 790 where the stock has formed a medium term bottom in the month of Feb – 2016. If the stock manages to close above these levels then the stock can move to the levels of 825 to 835 where short term moving averages and 100 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 710 to 720 on downside to 780 to 790 on upside.