Shares of HCL Technologies today hit a 2-week high, and chart suggested more upside. The stock gained as much as 3 per cent to Rs 1,034.95, its highest since October 17.
The stock broke above a resistance at Rs 1,016.65, the 23.6 per cent Fibonacci projection level of the uptrend from December 4, 2017 low to September 25, 2018 high. The stock also cut above its 50-day exponential moving average.
The breakout suggested that in the near term the stock may test its next resistance at Rs 1,060.45, the 38.2 per cent projection level. The wave pattern suggested that tge stock is in the final wave of a five-wave uptrend.
MACD has cut above its signal line, a bullish sign. HCL stock had gone up 12.84 per cent this year as of last close, compared with the 3.16 per cent fall in the broader NSE Index in the same period. – The Hindu Business Line