Stock Radar: This Sensex IT stock with Rs 4.5 lakh crore m-cap is poised for new highs: time to buy?

HCL Technologies Ltd neared a breakout from its February 2024 highs, creating prospects for reaching 1,900 levels. Despite initially losing momentum and revisiting its 50-week moving average, the IT stock found support above 1,200 in June and has since recovered significantly. Currently trading above key short- and long-term moving averages, it is nearing a breakout from its February 2024 highs, closing at Rs 1,678 on August 19, 2024.