HCL Technologies Ltd. is one of the leading software solutions provider, with the enterprise value of more than $5.5 billion. The company has always posted decent result since its listing in 6 January 2000 on NSE. The chart study of HCLTECH suggest that there is immediate support at the 455 level and we are expecting a bounce from that support zone, the 200SMA is acting as support for this stock on daily chart and the stock is again ready to touch that level. Looking at weekly chart we find that 50 SMA is acting as support for this stock and after touching that level it again follows the up trend with a bounce back. So our advice is to look for buying opportunity as long as HCLTECH stock remains above the 448 level. So above 448 level we are looking for the target at 520 and then 560 level. We would also remind traders to place their stop loss at 438. Before entering into the trade one should wait for the buy signal from slow stochastic indicator. High risk traders can place their orders in F&O as well, but don’t forget to place the stop loss to protect you from damages.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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