EquityPandit’s Outlook for Hindustan Unilever for the week (January 04, 2016 – January 08, 2016):
HIND Unilever closed the week on negative note losing around 1.00%.
As we have mentioned last week that the stock has formed a Hanging man pattern in an uptrend indicating the trend reversal or consolidation. The stock has to close above the levels of 875 to negate this pattern. During the week the stock manages to hit a high of 873 and retraced to close the week around the levels of 856.
Support for the stock lies in the range of 830 where 100 Daily SMA is lying. If the stock closes below this levels then the stock can drift to the levels of 800 to 810 where trend-line support for the stock is lying.
Stock has closed around the strong resistance zone of 860 where 200 Daily SMA is lying. If the stock closes above the levels of 865 then the stock can move to the levels of 890 to 900 where trend-line joining earlier high is positioned.
Broad range for the stock in coming week is seen between 830 to 840 on downside and 870 to 880 on upside.