EquityPandit’s Outlook for Hindustan Unilever for the week (August 24, 2015 – August 28, 2015):
Hindustan Unilever (NSE: HINDUNILVR) closed the week on positive note gaining around 1.5%.
As we have mentioned last week that the stock is forming Doji pattern on Daily charts 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 21/08/2015, the stock broke out of the consolidation range of 860 on downside to 880 on upside and close above the breakout range of 880.
If the stock manages to move above the levels of 900 the stock can move to the levels of 920 where downward sloping trend-line for the stock 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 are lying.
Broad range for the stock in coming week is seen between 850 to 860 on downside and 910 to 930 on upside.