EquityPandit’s Outlook for HCL Tech for the week (November 07, 2016 – November 11, 2016) :
HCL Tech closed the week on positive note gaining around 3.50%.
As we have mentioned last week that 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. During the week the stock manages to hit a low of 760 and close the week around the levels of 795.
Support for the stock lies in the zone of 775 to 785 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 760 to 770 where the stock has found support couple of times.
Minor resistance for the stock lies in the zone of 800 to 810. If the stock manages to close above these levels then the stock can move to the levels of 840 to 850 where long term moving averages are lying and the stock has formed a double top.
Broad range for the stock in the coming week is seen between 760 to 765 on downside to 830 to 840 on upside.