A host of companies including index heavyweights such as Reliance Industries (RIL) and Hindustan Unilever (HUL) announced their third quarter results of FY19 on Thursday. Here's a look at what technical indicators suggest for them and other buzzing stocks -
Reliance Industries: The formation of the Symmetrical Triangle on the daily chart has triggered rally towards the high of Rs 1,186 level, touched in November last year. The said pattern represents consolidation before breaking out or breaking down. The two trendlines need to converge to start afresh rally.
The 100-day moving average (DMA) is located at Rs 1,147 where a minor selling may arise as per the chart. The immediate support falls at Rs 1,118, its 50-DMA. The stronger buying levels emerge in the range of Rs 1,075 – Rs 1,080, the lower rising trendline along with 200-DMA, chart suggests.
Hindustan Unilever: The FMCG major stock has surged 33 per cent in the last one year. The weekly chart shows a promising rally with justified corrections, where buying and accumulation have been witnessed as per chart.
The current formation on daily chart indicates 'Head and Shoulder' pattern with neckline being broken around Rs 1,760 level. A decisive breakdown may lead towards Rs 1,690, its 100-DMA. Currently, the stock is trading below its 50-DMA located at Rs 1,772 level. The upper falling trendline has a resistance of Rs 1,780; a strong volume above the said level may head towards Rs 1,854, its left shoulder of the pattern.
Sun Pharma: The stock has strong monthly support of Rs 415, which has been breached as its trade below Rs 400. The daily chart shows trendline breakdown, leading to a new 52-week low of Rs 370.20 level.
The stock is trading below its 200-DMA from November last year as per daily chart. The traders and investors seem cautious and have remained sideline as 50-DMA converged with 200-DMA forming a death cross, the chart suggests.