HCL Technologies Limited : The bullish trend continues
By Maxime Nonglaton
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
₹518.55 | ₹0 | ₹507 | -100% |
The company shows strong fundamentals. Firstly, the high valuation of the group shows a great investors confidence in it because there are ready to pay a high price for the stock. Moreover, the Thomson Reuters consensus revised upward EPS estimates for this year and that let see a great potential for the security on the stock market.
Technically, the security shows a bullish configuration on all time scales. Prices are supported by increasing moving averages. In weekly data, 20-week moving average helps the stock to keep its uptrend.
In consequence, investors can take a long position in HCL Technologies with a first target price at INR 549.9. This level is the short term resistance. A new bullish fluctuation could lead the security toward its highest level in case of breakout of this resistance. A stop loss will be fixed under the pivot point at INR 509.2.