HCL Tech can move to Rs 540: Sukhani

HCL Tech can move to Rs 540, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "I was explaining that a lot of charts have this bearish head and shoulder patterns now. Rpower, CESC and any number of them and Polaris is one of them. So the disappointment on results came yesterday, but the chart patterns were visible earlier. It’s broken down from that support which is called a neckline. It’s come down. Significantly lower levels are likely. Maybe Rs 130 could be a target for Polaris now, but I think it will come all the way to Rs 110-105."
He further added, "For Larsen and Toubro Rs 1,160-1,170 could be an immediate target and I see it going all the way down to Rs 1,075. It is another one of those bearish patterns now getting confirmed. While the Nifty hasn’t done it, numbers of individual charts are giving a clear message. Let’s see what happens but L&T is sub-Rs 1,100."
"HCL Tech is a much better chart. It’s on the verge of a breakout, which should take it to Rs 540. With so much turbulence in the market expected whether it does that or not, but HCL Tech is certainly buy anytime the trader thinks that the markets are rallying, they are getting support you should be looking to buy HCL Tech.'"