Hindustan Unilever Ltd is a consumer goods company, subsidiary of Unilever a British company. It has a wide variety of products some of them are food, beverages, Cleaning agents, Personal care products, Water purifiers, and many more.
Recently Q2 result was announced by the company, some of the highlights are,
Profit rise 9% to Rs.2187 Cr against Rs 2009 Cr in the same quarter last year.
Revenue from operations rose 11% to Rs 12724 Cr against Rs 11442 in the year-ago period.
Declared interim dividend of Rs 15/share.
Stock is witnessing a downfall from 2850 levels, all-time high levels. It has fallen drastically and now looking for a reversal at 2370-2380 levels. The stock has made a Hammer (reversal candle) on a daily time frame and is signaling a reversal. If the stock sustains the support levels of 2370, we can expect the stock to reach 2450 levels and further up to 2600 levels, these levels are derived from Fibonacci and swing support levels. Conversely, if the support of 2370 is broken we can see final support at 2300-2310 levels which is a strong demand zone.
We are looking at FMCG index support and expect a reversal in the same shortly.
Time horizon: Short-Medium term
Disclaimer: Above-mentioned levels are for educational purposes only; refer to your SEBI registered financial advisor before taking any investment positions.