Stocks to Buy on Monday – Long term scrip to buy is HUL for this price target, says analyst Shrikant Chouhan

Investors looking to buy a stock with the long term view could consider investment in Hindustan Unilever Limited (HUL), market expert Shrikant Chouhan suggests. This Fast Moving Consumer Goods (FMCG) counter has been on a continuous correction from the highs Rs 2859, it hit on 21 September.

Chouhan said that the stock has fallen from the levels of over Rs 2800 to Rs 2200. This is not the one off incident when the HUL shares have fallen like this, he said adding that it has attained new highs after forming a bottom on previous occasions too.

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The Hindustan Unilever shares have formed a positive formation on the technical charts with reversals on monthly and weekly charts.

The EVP (Head of Research) at Kotak Securities expects the stock to achieve target of Rs 2700 and could go on to surpass its previous 52-week high of Rs 2859. An upside of at least 15 per cent is open from the current levels.

He puts the stop loss at Rs 2250.

The stock ended at Rs 2361 on the NSE on Friday gaining almost 1.5 per cent or Rs 35 from the last closing price on Thursday. The stock has seen an upward move over the last 5 trading sessions. The intraday high was Rs 2370 while the intraday low was Rs 2330.

He said that it was a fit candidate for a long term investment.

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The 52-week low for this stock is Rs 2120, which it hit on 21 February. The stock had hit Rs 2229 on 17 December.