Hindustan Unilever is in a long-term uptrend forming higher tops and higher bottoms on the daily and weekly charts. After the recent run-up move in the price, the stock has been consolidating its gains at all-time high levels between Rs 1,625 and Rs 1,550 odd levels for the last one month.
The 21-day exponential moving average (EMA) has been providing support on dips and the stock has been moving higher. Current bounce back has also been from the average.
The Relative strength index or the RSI has given a positive crossover with its average on the daily chart. Thus, the stock can be bought at current level and on dips to Rs 1,605 with a stop loss below Rs 1,575 for a target of Rs 1,750 levels.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
