EquityPandit’s Outlook for HCL Tech for the week (March 20, 2017 – March 24, 2017) :

HCL TECHNOLOGIES:

HCL Tech closed the week on positive note gaining around 2.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 835 to 840. Support for the stock lies in the zone of 815 to 825 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 800 to 805 where Fibonacci level is lying. During the week the stock manages to hit a low of 837 and close the week around the levels of 866.

Minor support for the stock lies in the zone of 850 to 855. Support for the stock lies in the zone of 830 to 835 where the stock has taken multiple support and short term moving average is lying. If the stock manages to close below these levels then the stock can drift to the levels of 815 to 820 where Fibonacci level and medium term moving average is lying.

Resistance for the stock lies in the zone of 860 to 865 levels where the stock has formed a top in the month of August-2016 and January-2017. If the stock manages to close above these levels then the stock can break out of 8 months of consolidation and the stock can move to the levels of around 900.

Broad range for the stock in the coming week is seen between 830 to 840 on downside & 890 to 900 on upside.