HCL Technologies – Bellwether IT stock

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The Indian IT industry has shown some positive sentiments in the market as their exposure to the Coronavirus pandemic is low. The Indian Multinational IT service and consulting company has been performing well in its sector and also the movements of its share price were not highly volatile until the Coronavirus pandemic caused the global markets to crash down. During the trading sessions of 16th March 2020, the indices of the Indian Stock Market such as Nifty50, Nifty Pharma, Nifty Bank, Nifty Metals etc.., closed bearish which also had an impact on the stocks as well.

The following graph shows that the share price movement of the stock would be bullish in the upcoming trading session which is also denoted with a green cloud formation which has been continued over a long period of time. The Chikou span (lagging indicator) is also portraying an upward trend in the stock price movement as it can be seen moving upward. Also the company has been growing steadily and maintained a healthy relation with their clients which has also decided to open Global Delivery Centre (GDC) to provide digital transformation services to their clients. With setting up of GDC, the company has its first client which is a Fortune 500 American manufacturer of industrial tools and household products, Stanley Black & Decker. The strategic move of setting up GDC in major cities would help the company capture clients across the globe and improve their business.



The company has also entered a Multi-year deal with a Finnish forest industry company to provide them with end-to-end transformational IT services. The deal also focuses on expanding the scope to optimize its IT infrastructure, operations and workplace services which would be provided by HCL. The global connections and well-established business relations of the company will improve its business and its scope in the upcoming years as there are no obstacles for the company currently.



From the above graph, it can be seen that the candlestick of the company’s share price has reached its lower band and also the candlestick formed is bullish which depicts that the share price of the company would increase in the upcoming trading sessions and also with the company being selected by Fonterra, a co-operative dairy company to provide with IT solutions would surely boosts its business. HCL has been consistent in providing world-class solutions and services to its clients which has accomplished it to expand its business throughout the world making good business connections.

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