EquityPandit’s Outlook for HCL Tech for the week (June 20, 2016 – June 24, 2016):

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 0.30%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 765 to 770 where short term moving averages are lying. 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 820 to 825 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 765 and close the week around the levels of 754.

Minor support for the stock lies in the zone of 740. Support for the stock lies in the zone of 700 to 710 where the stock has formed a bottom in the month of Dec – 2014 and May – 2015. If the stock manages to close below these levels then the stock can drift to the levels of 650.

Minor resistance for the stock lies in the zone of 765 to 770 where short term moving averages are lying. 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 820 to 825 where 100 Daily SMA is lying.

Broad range for the stock in the coming week is seen between 720 to 725 on downside to 770 to 775 on upside.