Shabbir Kayyumi Narnolia Financial Advisors
Dabur India is recently bottomed out around Rs 365 and then rallied over more than 10 percent after showing positive divergence in RSI. Recently, stock is consolidating above its 200 DMA which comes near Rs 383 levels which is giving cues for moving on upside.
The MACD has given bullish crossover on daily chart in negative territory implying strength. RSI also seems to be bottoming out from its oversold zone and trading above 50 marks, which further confirms its bullish bias. 100 DMA is trading around Rs 415 levels; closing above it will increase buying momentum further.
One can go long in the scrip around Rs 384 with stop loss of Rs 362 for the higher target of Rs 420.
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