Trade Idea of The Day - HCL Technologies Ltd Target Rs.45 - Religare Broking Ltd
HCL Technologies Ltd
BUY 26 MAY 1180 PUT HCL Technologies Ltd Entry Range 24 – 28 Target Range 45 Stop Loss 18
Rationale
• On the daily chart HCLTECH witnessed a sharp breakdown, extending its bearish momentum after decisively slipping below the crucial 1200 support zone.
• The stock prices continues to trade beneath its 20-DEMA and 50-DEMA, reflecting sustained weakness in the broader trend. Momentum indicators also remain unfavourable, as RSI has slipped below the 30 mark, indicating strong bearish sentiment, while MACD continues to trade with a negative crossover.
• The recent price structure suggests lower-top lower-bottom formation, highlighting continuation of the prevailing downtrend. Unless the prices manages to reclaim the 1220-1230 resistance band, selling pressure is likely to persist. On the downside, immediate support is placed near 1150, followed by 1100 levels in the near term.
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SEBI Registration number is INZ00017433
