Hindustan Unilever near record high, expected to breach resistance

  • On the daily chart, the stock is on the verge of a breakout from a flag pattern and it has been stuck in the rangebound since Dec 2018 despite having a series of higher bottom formation.
  • An immediate support is seen at 1660 level, while an immediate resistance is at 1870 level. On the indicator front, the stock is well placed above its 21-days moving average.

  • In the last 30days, the stock has closed higher by 10.25% meanwhile Nifty FMCG index has closed 1.10% lower. 
  • At present, the major resistance has been placed near at 1870 mark, the stock is expected to continue the rally further once crossed above 1870 level with high volume.