HCL Technologies may see correction of 10% in short term 1

HCL Technologies may see correction of 10% in short term

After Infosys and TCS expressed some concern on growth of these major IT companies in near term ,IT sector has been on correction mode after seeing a great rally in past few months.HCL Technologies is stock also performed extremely well and the stock almost doubled in price.

Now,the technology sector is showing signs of correction on technical charts.Moreover,in the wake of on going rally in the markets,there is visible sector rotation going on.Big players are turning to high beta sectors like banks and metals after exiting from safe zones like technology and pharmaceuticals.

HCL Technologies,on daily chart has broken down in the current correction below the trend line which appears to be neckline of a Head & Shoulder Pattern which is formed in very short duration of around one month.The technical indicators ; MACD ,TRIX and Momentum are pointing towards pending down move in the stock in next few days.

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The stock is expected to move towards 1300-1320 on the downside in the next 10-15 days which can be a handsome 8-10 % gain from the current market price of 1420-1430 for the stock.Stop loss for the stock comes around 1475 or can be placed at 1445-1450 ( aggressively ).

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