Buy HUL, says Nooresh Mirani

Buy HUL, says Nooresh Mirani, AVP Technical, AMSEC Research.

Mirani told CNBC-TV18, "HUL remains favorite amongst defensives. If we take the data for the last 10-12 years the stock hit a high of Rs 325 in 2000 and since then it has been a total under performer for the last one decade but recently over the last few months it made lot of attempts at the Rs 320 - 330 resistance levels. Intermediately between it touched the high of 345-350."
He further added, "I expect the stock to give a target of Rs 400 over the next 1 year and every dips to Rs 300-320 zone should be accumulated. In the near term it has given a break out yesterday about the resistance level of Rs 325. I initiate a buy call for the short term with a target of Rs 335 and stop loss of Rs 320."