HCL Technologies has tumbled 8 per cent from Friday’s high of ₹1,588.65, accompanied by strong volumes. This fall has broken the medium-term uptrend that was in place since November 2013. Also, on Wednesday the stock closed decisively below its 21-day moving average of ₹1,483.3. This could increase the pressure on the stock. The 21-DMA will now be a crucial resistance level for the stock. If the stock remains below this level, it can break the support at ₹1,450 and could even touch ₹1,385.
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