"The stock can be bought at current level and on dips up to Rs 370 with a stop loss below Rs 360 for target of Rs 410 levels," says Ashish Chaturmohta of Sanctum Wealth Management.
Dabur India is in a long-term uptrend and has been forming higher tops and higher bottoms on the weekly chart. It witnessed a correction in late January to March this year from Rs 369 to Rs 312 levels.
The recovery from the low has been fast and the momentum took the stock to a new all-time high of Rs 383 this month.
Above average volumes at the bottom and subsequent bounce back indicates accumulation in the stock at lower levels. The stock has been trading in a range of Rs 383 and Rs 365 levels for the past three weeks consolidating its gains above its previous all-time high levels.
Thus, the stock can be bought at current level and on dips up to Rs 370 with a stop loss below Rs 360 for target of Rs 410 levels.Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert 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.