Weekly Picks 26th December 2022

Quick Check

Technical Outlook

• The counter formed a “Bullish Weekly” candle a week before & made six months “Double Top” high at around 2100 levels.
• The counter holds “Range to Positive” outlook above 1800 levels.
• Since the broader market is weak Initially Dips towards 1860 followed by lower 1780 can be looked for “Proportionate” Delivery buying.
• On the higher-end the counter can re-attempt towards 2000 & 2080 levels.
• Fresh higher break-out levels of 2300 can be expected once the counter sustains above 2100 on closing basis.

Open Interest Study

• As per Dec Open Interest Study the counter has decent Put Build-Up at around 1900 & 1800 Strike Prices indicating immediate supports where fresh buying interest can emerge.
• On higher-end 2000 & 2100 Call Build-ups are Highest indicating resistances for the counter. Overall, conclusion is mentioned 1900/1800 can be looked as supports for the coming week while 2000/2100 can be looked as pull-back targets cum resistances

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HINDUNILVR LTP 2630

HUL is a subsidiary of Unilever, one of the world’s leading suppliers of Food, Home Care, Personal Care and Refreshment products with sales in over 190 countries. The Company has about 21,000 employees and has sales of INR 50,000+ crores (financial year 2021-22). With nearly 90 years of heritage in India, Hindustan Unilever Limited (HUL) is India’s largest fast-moving consumer goods company. On any given day, nine out of ten Indian households use one or more of the company’s brands.

Quick Check

Technical Outlook

• The Counter made 52-Weeks High at 2756 couple of weeks ago & thereafter slipped down due to Broader Market Weakness.
• The counter formed a “Bullish Monthly Candle” in Nov-22 indicating retracement should be looked for fresh entries.
• Technically, the counter continues to hold “Buy-On-Support” outlook. On Immediate basis the counter has support at around 2560 & 2480 levels while the resistances remain at 2700 & thereafter higher 2850 levels (which is around it “All Time High” levels.

Open Interest Study

• As per Dec-22 Open Interest Study the counter has immediate hurdle at around 2700 levels which need to be held for fresh buying interest cum short-covering.
• On the flip-side the counter maximum Put build-up is visible at around 2600 & 2500 levels which should act as immediate crucial supports cum fresh trading buying levels maintaining strict stops.
• P/C Ratio is 0.79 with Total Call build-up of 9424 Lots while Total Put Build-up of 7461 Qty.
• Overall, 2700 can be looked as “Tug-Of-War” point between “Bulls & Bears” in short-term under which immediate bias is slightly “Range to Down”. Holding above 2700 once can add long positions.

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