EquityPandit’s Outlook for Hindustan Unilever for week (July 20, 2015 – July 24, 2015):
Hindustan Unilever (NSE: HINDUNILVR) closed the week on positive note gaining around 4%.
As we have mentioned last week that the stock is approaching towards the support zone of 870 to 890 where 100 Daily SMA and downward sloping channel are positioned and the stock bounced back from that levels to hit the high of 940 levels.
Since last 2 weeks the stock has been facing stiff resistance around the levels of 930 to 940 and the stock is selling off to the levels of sub 900.
The stock has formed a Bearish engulfing pattern on daily charts. The stock has to close above the levels of 940 to negate this pattern.
If the stock manages to close above the levels 940 we may see stock moving towards the levels of 960 to 980 levels.
Support for the stock lies in the range of 890 to 910 where short term moving averages are lying.
Broad range for the stock in coming week is seen between 870 to 890 on downside and 950 to 970 on upside.