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HCL Technologies astounded market participants with strong Q4 numbers, following as it did at the heels of some drab earnings from the IT bellwether Infosys. The stock drooped to the intra-week low of Rs 460 on Monday but it gained 15 per cent from this trough to close the week above the recent peak at Rs 517. The stock has been moving in a long-term channel since October 2009. It is currently perched above the upper boundary of this channel at Rs 505. This can be the stop-loss for short-term investors. Others can hold as long as the stock trades above Rs 425. There is, however, strong long-term resistance in the Rs 500-525 band. The long-term outlook will turn positive if the stock sustains above Rs 500.
Apollo Tyres (Rs 73.1)
Apollo Tyres raced higher from last Wednesday's trough of 66.1 to close 8 per cent higher. The stock was struggling to move above the resistance band between Rs 71 and Rs 72 since March this year. This is also an important Fibonacci retracement level and the weekly close above this band is positive from medium-term perspective.
If the stock continues to trade above this zone, it can move on to Rs 76, Rs 86 and Rs 89 in the months ahead.
Key medium-term support is at Rs 43 and long-term investors can hold the stock as long as it trades above this level.
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