March 8, 2019 / 4:56 AM / 2 months ago

BUZZ-India's HCL Technologies breaks support at 1027 rupees, may test 966 rupees - Technicals

** Shares of HCL Technologies Ltd fall as much as 2.32 pct and breaks below a support at 1,026.63 rupees

** This support at 1,026.63 rupees is identified as the 23.6 pct Fibonacci retracement level of the uptrend from June 29, 2016 low to Sep. 25, 2018 high tmsnrt.rs/2C93hHl

** Stock also breaks below its 50-day exponential moving average (EMA)

** A close below the 23.6 pct level may lead to further fall up to the next support at 965.75 rupees, the 38.2 pct retracement level, though some support is also expected at the 200-day EMA

** Stock’s wave pattern suggests it has completed a five-wave uptrend that started on June 29, 2016 and a three-wave downtrend has started

** Stock up 7.28 pct this year as of Thursday’s close compared with the broader NSE Index’s 1.8 pct gains in the same period (Reporting by Gaurav Dogra)

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