The stock, with a market capitalization of over Rs 5 lakh crore, reached a 52-week high of Rs 2,859 in September 2021, but the trend has continued.
The stock has risen about 2 percent in one month, compared to a fall of about 10 percent seen in the Nifty50 at the same time.
Experts see that smart money is moving to the defensive side which makes HUL a good stock to buy dips at the level of Rs 2,180, experts advise.
The stock rose 2.4 percent to close at Rs 2,194 on the BSE on Friday.
The daily chart suggests that prices have recovered from their lows and are surviving above Rs 2,150 which is a significant level.
It is trading well above the short-term moving averages of 5, 10, 20, and 50-DMA. However, it is trading below 100, and 200-DMA.
The stock price moves in a high high and high low pattern, ensuring the momentum of price action.
Stock Radar: Deep stock with a target price of HUL 2300 is a good buy, says Sumit Bagadia
Sumit Bagadia, executive director of Choice Broking, said that HUL has survived in support of 50 daily moving averages, which is a positive sign, and indicators such as RSI and MACD indicate a positive crossover in the daily time frame.
“The stock has sustained support at the 50-day moving average. Indicators such as RSI and MACD indicate a positive crossover in the daily time frame, “said Sumit Bagadia, Executive Director, Choice Broking.
“HUL’s price is also hovering above the middle band of the Bollinger Bands which is again a positive sign for the stock,” he added.
Read more about the Bollinger Bands here
Bagdia added that any reduction or correction in the price up to Rs 2,180 should be used as a buying opportunity for the upward target of Rs 2,300 and Rs 2,380 in the next few weeks and the stop loss would be kept below the 2,100 level.
(Disclaimer: The recommendations, suggestions, opinions and opinions offered by the experts are their own. These do not represent the views of the Economic Times)