Is IT stocks ready to lead the NIFTY?HCL TECH : CMP 1134
SUPPORT : 1010-1030
TGT : 1215/1305
IT index is going to support the NIFTY as most IT stocks is showing similar trends, Our pick is in this segment is HCLTech CMP 1134 has good support at 1010-1030 which is 50% retracement of recent high 1149 and about to breach the high and is heading towards 52wk high 1215 and if we consider Ellliotwave then it is continuation of wave 3 which will take it to 1305 which is our final TGT.
HCLTECH trade ideas
BUY HCL TECHNOLOGY WITH THE TARGET OF 1200+The stock price has formed Bullish rounding bottom formation on the daily chart with volume rising along with the price rise. IT sector has been outperforming in the current market scenario and same is expected to continue.
The stock is placed above all important moving averages. Indicators and oscillators have also been showing strength in the current uptrend. Buy with the target above 1200+ and keep stop loss at 1085.
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HCLTECHNSE:HCLTECH
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
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