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The stock of Hindustan Unilever has turned positive as it has broken out of the resistance at ₹2,140. So, traders looking for near-term opportunities can buy the stock.
As the overall market witnessed a strong decline in April, the price of HUL depreciated sharply where it fell from ₹2,500 and marked a low of ₹1,902 in early May, losing 24 per cent. The stock then recovered and formed a strong base at ₹1,970 levels and began to rally. However, since the beginning of June, the stock has been in a consolidation phase oscillating between ₹2,060 and ₹2,140.
The stock broke out of ₹2,140 on Tuesday, opening the door for further strengthening. Substantiating the bullish bias, the daily RSI is showing a fresh uptick and has crossed over the midpoint level of 50. The MACD is in an upward trajectory and has entered the positive territory.
Considering these factors, traders can buy the stock with stop-loss at ₹2,070. Potential targets can be ₹2,250 and ₹2,300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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