Trade Idea of The Day - Hindustan Unilever Ltd Target Rs. 40 - Religare Broking Ltd
Hindustan Unilever Ltd
BUY 24 FEB 2360 PE SELL 24 FEB 2300 PE Hindustan Unilever Ltd Entry Range 20-22 Target Range 40 Stop Loss 10
Rationale
• On the daily chart HINDUNILVR price continues to face strong supply in the 2400–2420 resistance zone. With multiple failures to break this hurdle, prices indicates lack of follow-through buying.
• Prices are hover near key moving averages of 20-DEMA and 50-DEMA from the past month and now they expected to exhibits bearish crossover in the coming sessions and continue the corrective phase.
• 14-Day RSI remains below the 50 mark, highlighting subdued strength and absence of bullish momentum.
• MACD histogram traded in the negative trajectory from the last week, suggesting selling pressure from the higher levels, so that sell on rise approach preferred near the resistance zone.
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