EquityPandit’s Outlook for HCL Tech for the week ( Jan 22, 2018 – Jan 25, 2018) :
HCL Tech closed the week on positive note gaining around 3.50%.
As we have mentioned last week, that resistance for the stock lies in the zone of 940 to 945 where the stock has formed a top in the month of October-2017. If the stock manages to close above these levels then the stock can move to the levels of 980 to 990. During the week the stock manages to hit a high of 967 and close the week around the levels of 958.
Support for the stock lies in the zone of 940 to 945 from where the stock broke out of October-2017 high. If the stock manages to close below these levels then the stock can drift to the levels of 915 to 920 where Fibonacci levels are lying.
Resistance for the stock lies in the zone of 980 to 990 from where the stock sold off in the month of October-2015. If the stock manages to close above these levels then the stock can move to the levels of 1050 to 1060 where life time high for the stock is lying.
Broad range for the stock in the coming week is seen between 900 to 910 on downside & 1000 to 1010 on upside.