Buy HCL Technologies, target Rs 1000: Vikas Jain

(Image: HCL)

Vikas Jain

Reliance Securities

HCL Technologies has formed a strong base around its 50 percent Fibonacci Retracement level of prior up-move (Rs 680-1106) and later, despite a high volatility rose to 4-week closing high.

RSI reversed from sub-45 level for straight fourth time in this rally, signaling strength in the stock. Bullish cross-over in Stochastic around its oversold zone is indicating limited down side (if any).

As per the current weekly set-up, we believe that the stock will soon resume its northward journey and will recover prior damages. Thus long position can be initiated here for the target of Rs 1,000 with a stop loss of Rs 880.

Disclaimer: The author is a senior research analyst at Reliance Securities. The views and investment tips expressed by investment experts on Moneycontrol are their own and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.