Traders can buy the stock on dips around Rs 1,105-1,110 with a stop loss below Rs 1,080 and a target of Rs 1,170, says Abhishek Mondal of Guiness Securities.
On the daily scale, HCL Technologies has given a breakout from its positive channel pattern above Rs 1,112-1,114 levels on Tuesday with moderate volumes.
The daily Relative strength index (RSI) is in the overbought zone but still shows positive momentum and MACD is above zero line with positive crossover whereas (+)DI is continuously above (-)DI, which indicates limited downside for the stock.
Based on the above observations, traders can buy the stock on dips around Rs 1,105-1,110 with a stop loss below Rs 1,080 (closing) and a target of Rs 1,170.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts on Moneycontrol are his own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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