$***** Vijay Kumar Gupta | SEBI‑Registered Research Analyst (INH000020226) 📌 My View: HCL Tech is trading in a tight range as the market awaits its Q1 FY26 results. While long-term fundamentals remain strong, near-term momentum is muted. A breakout or breakdown from current levels will decide the next move. I’m tactically neutral but preparing for a trade on confirmation. 📰 Fundamental Snapshot The company is set to report Q1 FY26 results soon, with expectations of mild revenue contraction due to weakness in services. Currency gains could provide some buffer. Margins may dip modestly, but deal pipelines are healthy and remain a long-term anchor. In FY25, HCL Tech reported steady performance with mid-single-digit revenue growth and margin stability around 18%. A major strategic development is underway: the company’s semiconductor joint venture with Foxconn has been officially greenlit. This plant, located near the Jewar airport, marks HCL’s expansion into deep-tech manufacturing and aligns with India’s self-reliant tech roadmap. 📉 Technical View The stock is currently trading around ₹1,688–₹1,708. Resistance is visible between ₹1,720 and ₹1,740 — a breakout above this zone, with volume, can trigger short-term upside momentum. Support lies around ₹1,675–₹1,670 — this has been acting as a technical pivot and includes the 200-day moving average. If this zone is broken, next support is around ₹1,620–₹1,600. Momentum indicators show a sideways-to-weak bias. Volumes on down days have been light, indicating no panic selling. This suggests the stock is coiling before a directional move.