Hindustan Unilever Limited (HINDUNILVR) Stock - Complete Technical Analysis - Nov 07, 2024

Hindustan Unilever Stock Technical Analysis: Support, Resistance & Price Trends (Nov 2024)

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Hindustan Unilever Limited (HINDUNILVR) has shown some volatility, recently trading at 2,475.50, which is approximately 18% lower than its 52-week high of 3,035 and 14% above its 52-week low of 2,172.05. Over the last few trading sessions, the stock has been experiencing mild declines, with a high of 2,522.10 on November 6th, which was followed by a drop to 2,475.50. This indicates that the stock is currently facing some resistance around the 2,520 level.

Looking at the technical indicators, the stock is displaying signs of being oversold with a very low RSI reading of 24.82, which often suggests that the stock could be due for a potential rebound. However, the MACD is in negative territory, indicating weak momentum, and the Awesome Oscillator confirms that buying pressure is not very strong at the moment.

The Stochastic RSI reading of 56.95 could signal that there is a chance for a recovery, but traders should be cautious as the trend remains bearish in the short-term. For support, the key levels to watch are around 2,460 and 2,430, while resistance is expected near the 2,520 mark, followed by 2,550. The ADX is at 44.45, which shows a strong trend, but the momentum is starting to weaken, which could suggest that the stock may stabilize soon.

Traders should consider monitoring price action around 2,460 and 2,520 closely. A break below 2,460 could lead to further downside, but a breakout above 2,520 could open up the possibility for a move higher towards the 2,550-2,580 levels. The current volatility, as indicated by ATR, suggests that this stock is active enough for short-term traders to make moves, but caution should be exercised as the stock remains below key moving averages. A shift above the 2,500 mark could indicate a more favorable trend reversal.