As per my analysis, there is a strong Buy on HINDUNILVR between 2170-2215 from the . From the price action and , I can infer that we will probably retest the interim support at 2215 and may bounce. However, in case of further downward movement, there is strong channel support at 2170. Keep a strict SL of 2140.
My Trade on Futures:
Buy from 2215 (+1 lot)
Add more at 2170 (+1 lot)
Long Position Average: 2193 (for 2 lots)
Stop Loss: 2140 (-53 points)
2385 (192 points), 2450 (257 points), Open (Please book your profit on the first target itself or trail your SL to 2300).
Risk Reward: 1:3.5
Return on Capital
Max Loss: 31,800 (12.6%)
Profit on the first target: 1,15,200 (46.3%)
As per the financials of the company, the reserves have increased dramatically in the last quarter (Sep 2020), plus the FIIs have increased their shareholding. In an overall sense, there isn't a negative trigger as of now to break the (of 2170) that started in June 2017. There is a higher probability of success in this trade.