Mazhar Mohammad
HCL Technologies appears to be in a consolidation mode, around Rs 900 levels after the recent correction from the highs of Rs 1,108 registered in April.
As bottom appears to be in place around Rs 887 sooner than later it should resume its up move as the entire sector is looking positive. A minimum target of Rs 997 is possible because it is 50 percent retracement of the entire fall from the top of Rs 1,108 to Rs 887.
As risk-reward ratios are favourable, positional traders should make use of this opportunity to go long on the stock with a stop below Rs 885 for an initial target of Rs 997.
Disclaimer: The author is Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in. The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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