Stock of the week - Hindustan Unilever Limited For Target Rs.3342 By GEPL Capital
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Hindustan Unilever
Observation
* HINDUNILVR on the monthly time frame has been forming a higher high higher low pattern since May 2017, indicating that the long term trend of the stock remains bullish.
* On the weekly time frame, we can see that the prices moved out of an upward slopping Channel pattern 23th August 2021, since then the prices have been forming a higher high higher low pattern.
* On the daily time frame we can see that the Channel pattern breakout was backed by good volume built up, indicating participation in the breakout, currently it seems to be maintaining Higher Top Higher Bottom formation.
* On the indicator front the RSI plotted on the weekly time frame can be seen placed above the 65 mark, indicating presence of momentum in the uptrend.
* Going ahead the weekly high of 2825 will act as a make or break level, if the price breach above this level we might see the prices move higher towards the 3034 and 3342 (61.8% and 78.6% extension level of the rise from 786-2616 projected form 1902).
* The 2 week low of 2670 will act as a red flag level, followed by 2500 (Multiple touch point level).
Inference & Expectations
* HINDUNILVR from the long term perspective has been a steady performer.
* On the medium term charts we can see the prices have been riding the Bollinger bands after breaking out of the upward slopping Channel pattern.
* We expect the bullish momentum to take the prices higher towards the 3034 mark immediately.
* If the level of 3034 is breached we can expect the prices to move higher towards the 3342 mark.
* Our bullish view will be negated if the prices breach below the 2670 mark beyond which we can expect the prices to move lower towards the 2500 levels.
* One can Buy HINUNILVR at current levels for the target of 3034 and 3342 levels with a strict stop loss of 2670 on closing basis.
Buy Hindustan Unilever Limited LTP 2810.30 TGT 3342 SL 2670
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