MTF Stock Pick Buy HCL Technologies Ltd For Target Rs. 1072 - HDFC Securities
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MTF Stock Pick Buy HCL Technologies Ltd For Target Rs. 1072 - HDFC Securities
TECHNICAL OBSERVATIONS
After falling from a high of 1055, HCLTECH found support around the 891 levels. These levels have also acted as a support in the recent past implying that they are strong supports.
The stock has since then been gradually rising and making higher tops and higher bottoms over the last few weeks.
Today, the stock has broken out of the 922-957 trading range on the back of healthy volumes. This augurs well for the uptrend to continue.
Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue.
With the intermediate and long term technical setups too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. Our entry levels with stop loss and targets have been mentioned above.
Buy HCL Technologies Ltd Up to 1-3 Months @ Buying Range 955-975 CMP 965 TGT 1072 SL 930
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