Amrutanjan @ 339 || 29-May-20 || 01-HR
- Is it preparing for an upward level ?
- Let see the price action - BUY once it crosses 347
- Only caution is MACD - so watchout how MACDline functions till the time breakout comes.
WATCHLIST
#NSE #Nifty #Nifty50 #Sensex #NiftyBank
FMCG Stocks are considered to be the defensive stocks, i.e. they work when others don't. That's what might happen now as all other sectors seemed to have work but HUL hasn't participated much. HUL has consolidated at lower levels and it seems to be consolidating right now as well.
Technically also it looks like a good bet. Technical factors are:
1. MOVING...
Britannia broke Resistance @ 3260 and moved swiftly to 3400 and closed below Resistance level of 3395. Considering current scenario if will be hard to brake 3395. If it is able to hold 3393 it will gain 60 points before starting downward journey. If it is not able to hold 3395 britannia can be a perfect short for target of 3100
with good fmcg agin making life high , this too is a candidate for the same ..
but !!!
as the rally was one way up , it should retrace back to 480 ..465 for fresh move around 500 and then to 520 oe even new life high
i will remain positionally bullish , but not foolish enough to buy at any price , will wait and watch to buy in zone 468 to 478 for 500 & new life...
currently bearish , looks weak ahead , can form low higher pattern from here
Currently add some valuable stock in the watchlist for the long term , wait for the reversal then invest. Avoid fresh buying.
Hindunilever looks overbought from current zone 2154, I am expecting downside for target 1650,1500 and some more. Almost FMCG sector is looking weak. But i am personnely confident on HUL. NSE:HINDUNILVR
FMCG sector has been a laggard for lately, It's slightly negatively correlated with the benchmark Nifty.
It seems to have broken out of the downward channel and could shoot up quickly.
Tata Global, Godrej Consumer Products and Marico are some prominent stocks.
I particularly like Marico for this set up. Posting the Marico one soon.
In addition, if the negative...
