HCLTECH is closed at Rs. 1359.50 /-.
There are two things which happened simultaneously in HCLTECH. First, it has
given a decisive breakout with almost 2 % down bar. Second and most important
thing is a pattern in chart which is happening in HCLTECH. Yes, please refer
the chart below for a better understanding of breakdown and a pattern which is
making the chart very important.
Breakdown itself is a great
indication for a huge fall. Adding to this effect, a very interesting pattern
of
head and shoulder has been seen prominently in this stock which is definitely
a signal for a downward move. One can initiate a short position for the targets
of Rs. 1290 /- and Rs. 1260 /-. A strict Stop Loss of Rs. 1390 /- must be set
on closing basis.
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