HCLTECH IS IN SHORT TERM RECOVERY

BUY HCLTECH ABOVE 938 TGT 945/955 SL 910

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Domestic stocks made a strong rebound on Monday amid reports that the US and China were negotiating to avoid any escalation of the ongoing trade war. Trader activity too was visible ahead of the expiry of futures and options contracts in the truncated trading week. BSE MidCap was up 1.19% and SmallCap rose 0.73%. Sixteen out of 19 sectoral indices on BSE closed higher led by bank, which was up 2.30%, followed by finance 2.26% and consumer durables 2.24%. On NSE, Nifty PSU Bank rose 4.94%. Yes Bank, SBI, HDFC Bank and Tata Steel were among the top gainers, whereas Wipro, Infosys, Power Grid and Kotak Bank were major losers. Long buildup was seen in NIIT Tech, M&M, Axis Bank, ZEEL, Arvind, UltraTech Cement, HUL, Hindalco, Coal India, ONGC, HDFC, ICICI Bank and LIC Housing Finance while shorts were seen in MindTree, Petronet LNG and Wipro. 

HCL Technologies Limited is engaged in providing a range of software development services, business process outsourcing services and information technology infrastructure services. 

              After showing correction from the higher level, now the stock is trading in the recovery phase for the Short term and for long term, it is likely to continue the upside move

in near term with the crossing of the resistance level of 964 as the stock is managing to sustain above the level of 960.  It is likely to continue the positive movement with the breakout of the pattern at the levels of 970. 22 &55 and 200 days moving averages seen as support level with the RSI of 58,  One may get the long-term targets of 980,990,1000 in HCLTECH with the stop loss of 940. Thus the trend of the HCLTECH in the short term, medium term, and even the long-term timeframe continues to remain upwards.

DAILY CHART FOR HCLTECH: