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Last Updated : Sep 30, 2020 01:05 PM IST | Source: Moneycontrol.com

D-Street Buzz: FMCG stocks gain led by HUL, Britannia; Advanced Enzymes hits 52-week high, metals drag

Advanced Enzymes which jumped over 14 percent followed by Balrampur Chini, Hindustan Unilever, KRBL, Godrej Consumer, Radico Khaitan, Britannia Industries and Colgate Palmolive. Metals dragged with SAIL and Tata Steel being the top losers.

The Indian stock market continues trading in the green with Sensex adding 83.76 points or 0.22 percent at 38056.98, and the Nifty gaining 25 points or 0.22 percent at 11247.40.

Among the sectors, the FMCG index added over a percent led by Hindustan Unilever, Godrej Consumer Products and Nestle India which gained over 2 percent each followed by United Spirits, Dabur India, ITC and Britannia Industries.

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The BSE FMCG index added a percent led by gains from Advanced Enzymes which jumped over 14 percent hiiting fresh 52-week high followed by Balrampur Chini, Hindustan Unilever, KRBL, Godrej Consumer, Radico Khaitan, Dhampur Sugar, Britannia Industries and Colgate Palmolive among others.

Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities has a buy recommendation on Hindustan Unilever with target at Rs 2,500 per share.

HUL's relative strength is also placed around its historical support zone while its monthly price swing lows are in close proximity towards its 20-months EMA which is now placed around Rs 1,990, he added.

Sameet Chavan, Chief Technical & Derivatives Analyst at Angel Broking suggests buying United Spirits with target price at Rs 525-530. The stock is well poised for further recovery and hence, aggressive traders can bet at the current levels for a pullback move by following strict stop losses, he said.

On the other hand, metals are under pressure with Nifty metal down over a percent. The top losers included Steel Authority of India (SAIL) which shed 4 percent followed by Tata Steel, JSW Steel, Vedanta, NMDC, Hindustan Copper, Coal India and Hindalco Industries.

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Shabbir Kayyumi, Head of Technical & Derivative Research|Narnolia Financial Advisors has a buy on Tata Steel with target of Rs 405. The short-term correction seems to be over in the stock and bulls are likely to take the charge again. Formation of Bullish Harami candlestick pattern on daily timeframe suggests that bulls have entered the counter at lower levels, he said.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 30, 2020 01:05 pm
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