HCL Tech breaks support at Rs 1,027, may test Rs 966, suggest technicals

Shares of HCL Technologies fell as much as 2.32 per cent and broke below a support at Rs 1,026.63

This support at Rs 1,026.63 is identified as the 23.6 per cent Fibonacci retracement level of the uptrend from June 29, 2016 low to Sep. 25, 2018 high

Stock also broke below its 50-day exponential moving average (EMA)
A close below the 23.6 per cent level may lead to further fall up to the next support at Rs 965.75, the 38.2 per cent retracement level, though some support is also expected at the 200-day EMA

Stock’s wave pattern suggests it has completed a five-wave uptrend that started on June 29, 2016 and a three-wave downtrend has started

Stock was up 7.28 per cent this year as of Thursday’s close compared with the broader NSE Index’s 1.8 per cent gains in the same period

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Posted in: Indian Market Tips