Ashish Chaturmohta
HCL Technologies has seen major consolidation between Rs 1,125 and Rs 700 over the last four years. The stock touched high of Rs 1,125 in the month of September last year and declined down to Rs 930 which is strong support level for the stock.
Price has rallied from lower levels on good volumes and strong momentum suggest buying participation in the stock.
MACD line has given a positive crossover with its average and has moved above the equilibrium level of zero on the weekly chart. Thus, the stock can be bought at current levels and on dips to Rs 1,060 with a stop loss below Rs 1,030 for the target of Rs 1,250.
The author is Head of Technical and Derivatives at Sanctum Wealth Management.
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