Abhishek Mondal
On daily scales, Dabur India has taken a support around on its 23.6 percent retracement level of 23rd March to 18th May up move and bounced back with moderate volumes, which suggests that the stock has made a temporary bottom at around Rs 365 levels.
The Daily Relative strength index (RSI) showing upward move and MACD is trading above zero line and trying to crossover its signal line whereas (+) DI continuously trading above (-) DI, which indicates that the bias could remain bullish for the next few trading sessions.
Based on the above observations, traders can buy the stock in dips around Rs 377-380 with a stop loss below Rs 364 (closing) for a target of Rs 408.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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