on 1 hour chart, HCLTech clearly has a cup and handle pattern, showing bullishness. from 8th July to 2nd August, it gyrated from 972 to 872, and back again. a clear upmove of 100 rupees in a short span of 20 days. I predict this uptrend will take HCL tech to at least 1070 till 31st August.
Standard disclaimer applies. I am not authorized analyst. this is my...
axis bank is consolidating if it brakes again 738 and sustain above 740 then 10% upside is possible around resistance is 799-804
also hcl tech is preparing to a breakout if it sustain 977 the very good upside is possible in a day with short term tgt of 1100
disclaimer i have taken options position in both the stocks in long side
HCLTECH made a strong breakout from its about 2 month long Head & Shoulders Bottom pattern, on strong volume. On the momentum side RSI entered bull zone above 60 and +DMI turned dominant as it moved above 25 and making a new high above the prior peak of its other cousin, the -DMI. Looks bullish days ahead in the counter
It has been observed that there is a divergence in RSI in this stock. But surprisingly this stock is standing below the resistance line which was strong support sometimes back.
Here we are in two confusions.
will it break the resistance and go upwards.
or shall it take the declining parallel channel to go down.
The magic will show us by RSI regarding...
No Rocket Science.
Previous Resistance, Now acting as Support.
Keep n eye, But this one needs to sustain above resistance for couple of days to confirm.
Data is still looking weak.
With Indian IT sector looking strong, there are a few potential opportunities . HCLTECH is one. This seems to have formed a triangle within a triangle , where wave e itself is a triangle.
NSE 
