Trade Idea of The Day - Hindustan Unilever Ltd Target Rs. 75 - Religare Broking Ltd
Hindustan Unilever Ltd
BUY 30 JUN 2160 PUT Entry Range 38 – 42 Target 75 Stop Loss 25
Rationale
1. HUL continues to trade below its 20-DEMA and 50-DEMA levels, indicating a weak medium-term trend. The inability to sustain above the 2180-2200 resistance zone reflects persistent selling pressure and a lack of bullish conviction.
2. The recent pullback from higher levels has formed a sequence of lower highs, suggesting that bears remain in control. Any recovery towards the moving averages is likely to attract fresh selling unless a decisive breakout is witnessed.
3. Momentum indicators remain subdued. RSI is hovering near the 45 mark, reflecting weak buying interest, while MACD remains in the negative territory despite a minor recovery, indicating that downside risks are still prevalent.
4. On the downside, 2060-2050 remains an immediate support zone. A breach below these levels could trigger further weakness towards 2000, while the overall outlook is expected to remain bearish as long as the stock trades below the 2200 resistance zone.
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SEBI Registration number is INZ00017433
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