Hindustan Unilever (BUY, between Rs301.5-302.5, Target Rs315): After declining for past five trading session, stock is currently flirting with multiple supports placed between the range of Rs301-303. The medium term moving average support of 50 DMA is also placed of Rs301.6 from where sharp bounce back is expected in the near term. A 61.8% retracement of recent decline should also assist to extend the bounce back towards Rs319.On the long term chart stock is forming ‘inverted head and shoulder pattern’ which is bullish signal. We advise buying stock in the range of Rs301.5-302.5 with stop loss of Rs297.(Time period 7 days).
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