EquityPandit’s Outlook for HCL Tech for the week (November 01, 2016 – November 04, 2016) :
HCL Tech closed the week on negative note losing around 8.20%.
As we have mentioned last week that minor support for the stock lies in the zone of 800 to 810. Support for the stock lies in the zone of 780 to 790 where medium term moving averages and 200 Daily SMA are lying. If the stock manages to close below these levels then the stock can drift to the levels of 750. During the week the stock manages to hit a low of 760 and close the week around the levels of 763.
Support for the stock lies in the zone of 750 to 760 from where the stock has bounced in the month of August – 2016 and September – 2016. If the stock closes below these levels then the stock can drift to the levels of 700 to 720 where the stock has formed a bottom in the month of May, June and July – 2016.
Resistance for the stock lies in the zone of 775 to 780 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 790 to 800 where 200 Daily SMA is lying.
Broad range for the stock in the coming week is seen between 720 to 725 on downside to 790 to 800 on upside.