Technical Outlook & Trading Strategy:-
The share price movement of HCL Tech from 17 Aug 2011 till date appears to be forming a symmetrical triangle pattern.
It should be noted that symmetrical triangle patterns signify accumulation and suggest price advances once the breakout is recorded (at Rs 414 for the said pattern).
A break above the price level of Rs 414 should start an upside movement with possible price targets of Rs 440/ Rs 455 in a short period of time.
The momentum indicators on the daily chart are also in a bullish zone suggesting more upside in the stock.
We recommend traders to buy 50% now and again in the range of Rs 402 – Rs 406 levels with a stop loss placed below Rs 394.4 levels for targets of Rs 430 – Rs 440 levels.
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