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The short-term outlook is bullish for HCL Technologies. Barring the fall below ₹1,800 in the last week of October, the stock has been trading well inside a bullish channel. The chances are high for the stock now to rise towards upper end of this channel. Moving average indicators also strengthens the bullish case. Immediate support is at ₹1,850. Below this, the ₹1,820-₹1,800 region is the next strong support.
HCL Technologies share price can rise to ₹1,935 – the upper end of the range, in a week or two. Traders can go long now at ₹1,867. Accumulate on dips at ₹1,830. Keep the stop-loss at ₹1,810. Trail the stop-loss up to ₹1,880 as soon as the stock goes up to ₹1,895. Move the stop-loss further up to ₹1,905 when the price touches ₹1,920. Exit the long positions at ₹1,930.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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