Shitij Gandhi
Dabur India Limited: Buy| Target: Rs 465| Stop loss: Rs 410| Upside: 8 percent
In the recent past, Dabur India has given a breakout above the inverted head and shoulder pattern and tested Rs 456 in a short span of time.
However, due to profit booking, the stock retraced back towards Rs 420 to take support at its short and long-term moving averages.
Now, once again, the stock has formed an inverted head and shoulder pattern and is on verge of a fresh breakout above the neckline. Traders can accumulate the stock in the range of Rs 430-434 for the upside target of Rs 465 with a stop loss below Rs 410.
The author is a Senior Research Analyst, SMC Global Securities.
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