EquityPandit’s Outlook for Hindustan Unilever for the week (August 17, 2015 – August 21, 2015):
Hindustan Unilever (NSE: HINDUNILVR) closed the week on negative note losing around 4%.
As we have mentioned last week that the stock has formed a Bearish pattern on weekly charts. The stock has to sustain above the levels of 925 to negate this pattern, but the stock made a high of 909 during the week and sold off to the levels of 850 and close the week around the levels of 870.
On daily charts the stock has made a Doji pattern in downtrend indicating the exhaustion of selling pressure. The stock is taking support around the levels of 863 where 200 Daily SMA is lying. On weekly charts the stock is having the major support around the levels of 840 where 50 Weekly SMA is lying.
Support for the stock lies in the range of 840 to 860 where 200 Daily SMA, 50 Weekly SMA and trend-line support are positioned.
Resistance for the stock lies in the range of 890 to 900 where 50 Daily SMA and 100 Daily SMA are lying.
Broad range for the stock in coming week is seen between 830 to 850 on downside and 910 to 930 on upside.