HUL can slip to Rs 255-260: Sharma

Hindustan Unilever (HUL) can slip to Rs 255-260, says Jatinder Sharma, Partner, Equity Strategists.

Sharma told CNBC-TV18, "HUL had given a breakout about 4 months back on both weekly as well as monthly charts and it is stained above those Rs 290-300 levels for about 12-13 weeks. But now the way it has again come back below those levels I believe that some more pain is left in Hindustan Lever charts and I believe that it could slip all the way to about Rs 255-260 levels where it might find some temporary support." He further added, "If you look at Sterlite Industries from the longer term perspective it has remained in a range of about Rs 160-190 for past 8-10 months now. So I believe that it will still remain in that range and any weakness towards Rs 160-165 levels should be used as an opportunity to accumulate Sterlite rather than go short at these levels."