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The stock of HCL Technologies is gearing up for a fresh short-term rally. The 3 per cent rise on Thursday has taken the stock well above the resistance level of ₹960. Cluster of supports are now in the ₹965-₹955 region. Dips to this support zone is likely to get fresh buyers for the stock.
The chances are high for the stock to rise towards ₹1,040 and ₹1,060 in the next two-three weeks. Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹970. Keep the stop-loss at ₹936. Trail the stop-loss up to ₹1,005 as soon as the stock moves up to ₹1,025. Move the stop-loss further up to ₹1,020 when the stock touches ₹1,045 on the upside. Exit the long positions at ₹1,055.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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