Hindustan Unilever shares have the potential to go up by nearly Rs 600 per share according to estimates given by Nomura. Among top brokerages, Nomura remains most bullish on this stock and sees an upside of 24 per cent. The stock was recommended at a price of Rs 2484.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Jefferies has maintained a Buy rating on it recommending a price target of Rs 3050, the second highest upside. Another brokerage Macquarie puts a price target of Rs 3000 on the counter maintaining a ‘Outperform’ rating on this stock.

JP Morgan maintains an ‘Overweight’ stance on HUL shares estimating a target of Rs 2800 per share. 

HUL was one of the biggest gainers on the BSE and was trading at Rs 2500.30, up by Rs 17.05 or 0.69 per cent.

Read More: Stock Market Today Live: Nifty down 150 points, 500 point fall in Sensex led by Axis Bank, Bharti Airtel

However, Morgan Stanley puts target at Rs 2230 maintaining ‘Equalweight’ rating on the scrip.

The stock hit its 52-week high of Rs 2,733 in October which is also its all time high.

The stock has underperformed the Sensex over the 6 months period while outperformed on the YTD basis.

Over the 6-month period, HUL has given returns of 7.63 per cent against 12.51 per cent returns given by Sensex. On the Year-to-Date basis, the returns buy HUL are 5.94 per cent versus 3.28 per cent by Sensex.

Read More: Buy, Sell or Hold: Zomato slides over 4%; down over 10% in 7 sessions

Technical Analysis

The stock is placed well on technical charts, expert Nilesh Jain said. He recommends a buy on decline strategy. The stock has seen a base formation at levels around Rs 2450 which acts as a strong support level for this stock, Jain said. He gives a short term target of Rs 2600.

For long term investors, buying is suggested in a staggered for as the stock could see some correction, opines Jain. He said that the HUL may see slow movement being a defensive counter. The stock could test levels of Rs 2800, he said adding that the view is for 4-6 weeks.

Jain is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking. 

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)