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HLL rests on support line
K Seshadri
HLL has come to rest on a support line. The behaviour of this scrip in recent times has been somewhat puzzling. Being a consumer products company, which has been widening its product range to tap more and more into rural incomes, one would expect the market to rate the scrip reasonably.However, it has come down from Rs 2,731 to Rs 2,299.Even at the present level, the technical indicators have not signalled a buy. But the fact remains that it is now resting on an important support level and could bounce from here. If this breaks down the next down level for the scrip is Rs 1,950. That looks pretty low and rather difficult to imagine now. Traders will find a good opportunity to log in here now. Make sure to keep your stop loss pretty close to Monday's bottom Rs 2,290.This may yet pay off. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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