HUL slips 6% in eight days

Hindustan Unilever (HUL) declined 1.51 % to Rs 2,545.05, extending losses for the eighth consecutive trading session.

Shares of the FMCG major lost 6.35% in eight trading sessions from its recent closing high of Rs 2,717.70 on 19 December 2022.

On the BSE, 16,533 shares were traded in the counter so far compared with average daily volumes of 56,372 shares in the past two weeks. The stock hit a high of Rs 2,581.85 and a low of Rs 2,540.25 so far during the day.

The stock hit a 52-week high of Rs 2,741 on 9 December 2022. The stock hit a 52-week low of Rs 1,901.8 on 8 March 2022.

The stock had underperformed the market over the past one month, declining 3.35% compared with 3.28% fall in the Sensex.

The scrip had underperformed the market in past three months, sliding 5.8% as against Sensex's 7.47% jump.

However, the counter had outperformed the market in past one year, advancing 10.31% as against 4.87% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 37.217. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day and 100-day simple moving average (SMA) placed at 2,585.27 and 2,599.77 respectively. These levels will act as crucial resistance zones in near term.

HUL is India's largest fast moving consumer goods company. The FMCG major reported 20% increase in standalone net profit to Rs 2,616 crore on a 16% rise in net sales to Rs 14,514 crore in Q2 FY23 over Q2 FY22.

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