HUL looks weak: Hemant Thukral

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HUL looks weak: Hemant Thukral

HUL is looking weak, says Hemant Thukral, Asian Markets Securities Private.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Hemant Thukral See what other Experts & Brokerages are saying about HLL See messages about HLL HUL BSE | NSE 21/02/12 Are Mutual Funds betting on HUL?

HUL is looking weak, says Hemant Thukral , Asian Markets Securities Private.

Thukral told CNBC-TV18, "We feel HUL has gone weak and it has further room to go down because first it has closed below that Rs 229-230 mark which used to be a very strong support. Big short positions added up yesterday and seeing the scenario current, where stock futures do not see an addition in open interest and the cost of carry has also dipped, so lot of shorts have been added."

He further added, "240 Call has seen a major writing happening that is another point which is a very unusual thing for HUL, 4 lakh shares added up in that call. So, all put together it seems like HUL is still weak and we have a target around Rs 215. A slight bounce back around Rs 230-232 should give a good opportunity to sell. Traders have to keep a stoploss of Rs 237-238 and if it crosses above that then cut your shorts."