After a record-breaking session on Nasdaq Composite with 12% jump in a single day, Indian investors can expect Indian IT companies to register strong gains in Friday's session. IT stocks have been facing intense selling pressure over the last few trading sessions and Friday could bring a strong relief rally in Indian technology stocks. TCS will be in focus as the company will be declaring quarterly results. Research house Jefferies downgraded Wipro and the stock was under pressure yesterday. However, we can expect a nice bounce in Friday's session if global markets continue with the rally. TopNews Team has reviewed detailed levels for HCL Technologies and other IT majors.

HCL Technologies: Fundamental Overview

The stock trades at a Price-to-Earnings (P/E) ratio of 21.95, placing it in a reasonably valued category compared to its industry peers. Its 52-week high stands at Rs. 2,012.20, while the low hovers around Rs. 1,235.00, reflecting a wide price bandwidth that encapsulates market volatility.

Latest Analyst Opinion and Target

According to a recent update from Motilal Oswal (March 2025), HCL Technologies has been assigned a “BUY” rating with a target price of Rs. 1,720. Analysts highlighted its healthy deal pipeline and its potential to expand EBIT margins owing to higher digital transformation demand. The consistent dividend payout and robust global delivery model further affirm its investment appeal.

Candlestick Pattern Analysis

On the daily chart, HCL Technologies is exhibiting signs of consolidation after forming a bullish engulfing pattern last week near Rs. 1,350. This pattern suggests a potential reversal of the recent downtrend. However, volume confirmation remains crucial for a definitive bullish breakout. The recent trading candles show upper wicks, reflecting intraday profit booking, but the support base appears to be intact.

Fibonacci Retracement Levels

Based on the swing high of Rs. 2,012.20 and swing low of Rs. 1,235.00, the Fibonacci retracement levels are as follows:

Currently, HCL is trading below the 23.6% retracement, indicating the next target for the bulls could be Rs. 1,423. A decisive breakout above this could pave the way for Rs. 1,552 and higher.

Support and Resistance Levels

The immediate support zone lies around Rs. 1,345, which aligns with recent demand zones and historical price action. Below this, Rs. 1,300 emerges as a psychological and technical support. On the upside, resistance is seen at Rs. 1,420, followed by a strong supply area at Rs. 1,550, which coincides with the 38.2% Fibonacci level. A break above these zones could lead to a retest of Rs. 1,600.

Investment Outlook and Strategy

With a moderate P/E ratio and attractive dividend yield, HCL Technologies offers a compelling case for medium to long-term investors. From a technical lens, any dip towards Rs. 1,345–1,350 may offer an accumulation opportunity. Momentum traders may eye a breakout above Rs. 1,420 for a swift upmove toward Rs. 1,550.

Conclusion: Wait for Confirmation, but Keep it on Radar

HCL Technologies remains fundamentally robust with room for growth. Technically, it's positioned at a make-or-break level. Investors with a long-term horizon may consider gradual exposure, while short-term traders should watch for confirmation above resistance levels. In the broader Indian IT landscape, HCL Tech continues to stand tall as a resilient, dividend-yielding blue-chip.

Fibonacci Levels for Indian IT Stocks

As there was massive jump in Nasdaq Composite and global markets will see recovery today, we can expect that markets will simply not respect technical levels and resistance in today's session. We can expect a strong buying in majority of IT stocks today.

TCS

TCS remains a heavyweight in the IT sector with stable price action. Fibonacci support lies near Rs 3,738, while resistance is seen around Rs 4,169. A move above Rs 4,200 could open the path toward retesting previous highs.

HCL Technologies

HCL Tech is showing signs of consolidation after a steep drop. Key Fibonacci retracement support is around Rs 1,603, with resistance near Rs 1,818. A breakout above Rs 1,850 could indicate fresh bullish momentum.

Wipro

Wipro’s price is nearing key support zones as per Fibonacci analysis. Rs 278 and Rs 295 are crucial resistance levels. Sustained trading above Rs 295 may trigger upside toward Rs 310.

Infosys Limited

Infosys trades near the mid-Fibonacci range, suggesting indecision. Rs 1,637 and Rs 1,754 are pivotal levels to watch. Upside strength could emerge above Rs 1,800 with volume support.