EquityPandit’s Outlook for Hindustan Unilever for the week (October 05, 2015 – October 09, 2015):
Hindustan Unilever (NSE: HINDUNILVR) closed the week on positive note gaining around 4.5%.
As we have mentioned last week that resistance for the stock lies in the zone of 810 to 820 where trend-line resistance are positioned. If the stock manages to close above the levels of 820 the stock can move to the levels of 860 where upward moving trend-line is positioned. During the week the stock manages to hit a high of 827.25 and close the week around the levels of 816.
Support for the stock lies in the range of 775 to 780. If the stock breaks below the levels of 775 on closing basis then the stock can drift to the levels of 730 to 740 where channel support and 500 Daily SMA are positioned.
The stock has formed a Doji pattern on daily charts in an uptrend indicating the indecision amongst the traders about the further direction of the stock.
The stock has managed to close above the trend-line resistance of 815. If the stock manages to close above the levels of 820 the stock can move to the levels of 860 where upward moving trend-line is positioned and 100 & 200 Daily SMA are positioned.
Broad range for the stock in coming week is seen between 780 to 800 on downside and 840 to 860 on upside.