HCL Infosystems (₹76.5)

Yoganand D | | Updated on: Mar 12, 2018


Investors can consider buying the stock of HCL Infosystems at current levels. The stock rose 7 per cent backed by above average volumes and has marginally breached its resistance level of ₹75 on Wednesday. The stock bottomed out after recording a multi-year low at ₹19 in December 2013. Since then, the stock has been on an intermediate-term uptrend, forming higher peaks and troughs. Medium- as well as short-term trends are also up for the stock. It took support at around ₹60 and rebounded smartly breaching its 21- and 50-day moving averages last week. The relative strength index on the daily chart has entered the bullish zone. Other indicators on the daily chart are alsoin the positive territory implying bullish momentum.

The intermediate-term uptrend line is intact and the outlook is bullish for the stock. It can continue the upward journey and reach the price target of ₹80 and ₹82 in the coming trading sessions. As the market is choppy traders can place the stop-loss at ₹74.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on July 23, 2014
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