EquityPandit’s Outlook for Hindustan Unilever for week (August 03, 2015 – August 07, 2015):
Hindustan Unilever (NSE: HINDUNILVR) closed the week on positive note gaining around 2%.
Since last 1 month the stock has been moving in the range of 870 on downside to 940 on upside. It seems the stock is consolidating in the range before breaking out of the range. A break of the range on either side can take the stock further 4% – 5% in that direction.
The stock has formed a Bearish Harami pattern on daily charts indicating the trend reversal. The stock has to close above the levels of 930 to negate this pattern. If the stock manages to cross above the resistance zone of 940 the stock can move to the levels of 960 to 980.
The stock has formed a Doji pattern on monthly charts indicating the indecision among the traders about the further direction of the stock.
Support for the stock lies in the range of 870 to 890 where 100 Daily SMA and trend-line support are positioned.
Resistance for the stock lies in the range of 930 to 940.
Broad range for the stock in coming week is seen between 860 to 880 on downside and 930 to 950 on upside.