Dalal Street Technical Buy Calls – Hindustan Unilever (HUL)
Hindustan Unilever CMP – Rs 296.20. 1st Target: 326 (4-6 weeks) 2nd Target: 349 (12-14 weeks). Stoploss: 281.34 (cls)
HUL bottomed out by posting an intra-week low of Rs 210.70 during the week ended 13th March 2009, commenced a short-term uptrend and rallied to peak at an intra-week high of Rs 245.45 during the week ended 24th April 2009. The scrip entered a corrective phase to actually bottom out by posting an intra-week low of Rs 215.00 during the week ended 15th May 2009. HUL moved sideways before recovering to peak at an intra-week high of Rs 319.65 during the week ended 1st October 2010 only to decline from here. Currently, the scrip seems to be on the verge of forming a higher top, higher bottom formation on the daily chart, indicating the possibility of a further upside from these levels.
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