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The outlook for the stock of HCL Technologies (₹1,265.1) is bullish. The price action since the last week of October on the daily chart indicates an inverted head and shoulder pattern. The strong 8 per cent rally last week confirms this pattern and marks the end of the corrective fall since September. Supports are at ₹1,180, ₹1,160 and then at ₹1,130. A much deeper support is at ₹1,040. The stock can rise to ₹1,500-1,520 first and then to ₹1,750 in the coming months.
Investors with a medium-term perspective can buy the stock at current levels. Accumulate on dips at ₹1,190. Keep the stop-loss at ₹1,060. Trail the stop-loss up to ₹1,340 as soon as the stock moves up to ₹1,430. Book partial profits say for 30 per cent of the holdings at ₹1,520. Move the stop-loss for the rest of the holdings to ₹1,440. Exit the pending 70 per cent of the holdings at ₹1,730.
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