Trade Idea of The Day - HCL Technologies Ltd Target Rs. 32 - Religare Broking Ltd
HCL Technologies Ltd
BUY 29 SEP 1250 PUT SELL 29 SEP 1200 PUT Entry Range 12 -16 Target 32 Stop Loss 7
Rationale
• HCLTECH witnessed a sharp decline from the 1,350-1,380 zones and recently retested the 1,200 zone, indicating sustained selling pressure on the daily chart.
• The stock price faces rejection from the 20-DEMA as well as the 50-DEMA, keeping the near-term trend weak. Any recovery towards this zone is likely to face selling pressure, while a sustained move below 1,200 may extend the decline towards the 1,150 zone.
• The key momentum indicator, the 14-day RSI, is hovering around the 40 mark, indicating weak momentum and limited buying interest. Meanwhile, the MACD histogram remains in negative territory, further reinforcing the prevailing bearish setup.
• Overall, the stock maintains a sell-on-rise bias, with 1,300 acting as the immediate hurdle. A break below 1,200 may strengthen downside momentum further ahead.
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SEBI Registration number is INZ00017433
