@Kesari-Bath do you think 2600 level will be tested in near term? Say by EOD Sept? I did not expect HUL to race 2800 level so quick!! Since 2800 was achieved, what could be next potential target or downside for HUL... Your opinion on HUL will help. Thanks.
Kesari-Bath
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@ADVIEW, You are right. I too did not expect HUL to rise so rapidly. I guess the market makers have been increasing the bids in order to unwind their long positions at significant profits and trapping smaller players in the process. That means either the price could fall equally rapidly (like between March and May 2020) or enter into several weeks of consolidation. At the moment I have no further views on this stock. In the meantime, if anybody is holding open long positions, I would recommend them to liquidate immediately, or at least 50% at the current price and put a trailing stop for the remaining positions.
Please note, RSI is at an all-time high overbought level.
ADVIEW
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@Kesari-Bath, Thanks for your response and pointers. Much appreciated. I anticipate consolidation rather than sharp fall considering overall market sentiment :-) Cheers!
Kesari-Bath
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@ADVIEW, the fall has been more deeper than I anticipated (I had expected a strong support at 2530 levels), suggesting that the initial rise was more speculative than fundamental.
Kesari-Bath
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Having said that, 2350 to 2400 is the next support zone based on weekly chart.
ADVIEW
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@Kesari-Bath, Do you think Nov expiry 2300/2600 strangle will work considering it has done the seesaw and may be it will consolidate a bit?
Kesari-Bath
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@ADVIEW, sorry, I have no options views. As a rule, I don't trade options. As an exception, I occasionally write naked options, but NEVER buy calls / puts.
ADVIEW
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@Kesari-Bath, Yep, it's uncommon and did not anticipate counter like HUL to move up so quick to 2800 and fall back so sharply back to 2400 level.... I booked loss in HUL :-(