HCL Technologies Ltd

NSE :HCLTECH   BSE :532281  Sector : IT – Software

About Company: HCL Tech is a leading global IT services company, which is ranked amongst the top five Indian IT services companies in terms of revenues. Since its inception into the global landscape after its IPO in 1999, HCL Tech has focused on transformational outsourcing, and offers an integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. The company leverages its extensive global offshore infrastructure and network of offices in 46 countries to provide multi-service delivery in key industry verticals.

Daily Chart of HCL Tech Ltd:

Technical Outlook of HCL Tech:

HCL Tech on 21st Dec 2021, Tuesday trade gained 3.89% and closed at 1205 on NSE. Major Trend on the weekly time frame chart is intact. On the Daily chart stock saw a short term correction from all time high of 1377 and corrected till 1090. A correction of Rs.287/- Per Share. When we plotted Fibonacci retrenchment, it can be clearly observed that stock today crossed 0.382 Fibonacci retrenchment level and if sustains above 1199.90 we can expect stock to head towards 1233 in the next couple of trading sessions. If stock manages to surpass 0.5% Fibonacci retrenchment level we can expect stock to head towards 1377 again.

Hence we recommend to buy stock at current market price @ 1205 for the targets of 1267.85 and stoploss to be maintained below 1165