HLL Support Zone

HLL has entered into a support zone. The stock has been sliding from its high of Rs. 290 last year. The stock has been following a channel pattern in this downside too. This might not happen this time considering one of the long term support points in this stock. This has been reached twice in the past, once in July and again in January and has received a decent support at this price.

• Stock is currently trading below its 200 day moving average.
• MACD is still on the 'sell' zone but RSI is in a more comfortable zone at late 30s.
• The stock is just off the upper side on the channel and is riding the downside of the stock.
• Volumes in the Accumulation Distribution chart is still not interesting either.

The stock could just stage a small comeback or stay at these level before falling further. The stock is rising on small volumes but falling on higher volumes indicating the overall weakness of this stock. On the lower side, the target price is at Rs. 186 and on the higher side the first target would be at Rs. 220 and then Rs. 226.