Buy HUL in Rs 461-456 range: Manghnani

Buy Hindustan Unilever (HUL) in Rs 461-456 range, says Anil Manghnani of Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "In Hindustan Unilever (HUL) I think after that big move on large volumes when the results came out you had two days where the stock has drifted down but on much lower volume, which is a good sign; if a stock goes up on much higher volumes and come down on lower volumes. So I think even for a trade defensive mix more sense in the market that is quite volatile. So Rs 461 to Rs 456 is a buy range for the day, stoploss of Rs 454. I think you should see a quick pullback to Rs 471-477 levels."
He further added, "As a trade IDFC has corrected about 50% of the recent rally from the May-June lows up to the July highs. So Rs 127 is the 50% retracement. So buy up to 61.8% which is about Rs 123 with a stop below that and a pullback even of 50% of the recent moves from Rs 142 to Rs 127."