Trade Idea of The Day - Hindustan Unilever Ltd Target Rs. 48 - Religare Broking Ltd
Hindustan Unilever Ltd
BUY 30 JUN 2160 PUT Entry Range 20 – 22 Target 48 Stop Loss 10
Rationale
1. HUL continued to trade under a falling trendline on the weekly chart, indicating persistent selling pressure at higher levels. The stock remains below its key 20-WEMA and 50-WEMA, reinforcing the prevailing bearish sentiment.
2. The recent pullback failed to sustain above the immediate resistance zone near 2300, leading to renewed weakness. As long as the stock remains below the falling trendline, the possibility of further downside cannot be ruled out.
3. Momentum indicators also continue to favour the bears. RSI is hovering below the 50 mark, while MACD remains in the negative territory, suggesting weak buying interest and limited upside momentum.
4. On the downside, 2100 mark acts as an immediate support level, and a decisive breakdown below this zone may extend the decline toward 2050-2000 levels. Any short-term bounce is likely to face selling pressure near the resistance zone.
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