Quant Pick - Dabur India: ICICI Direct
According to ICICI Direct, Buy Dabur in range of Rs 510-520 Target: Rs 605 Stop Loss: Rs 468 Time frame: Three months.
December 28, 2020 / 04:08 PM IST
ICICI Direct's research report on Dabur India
Buy Dabur in range of Rs 510-520 Target: Rs 605 Stop Loss: Rs 468 Time frame: Three months.
Derivatives & Quantitative Outlook
Amid current bullish sentiments, FMCG stocks have seen relative underperformance but absorbed any selling pressure. Dabur India is among those few stocks that are trading near lifetime highs outperforming peers from the FMCG pack. We believe stocks like Dabur India will outperform the index in the short-term and witness buying interest. On the F&O front, the current open interest in the stock is significantly high and is at a two-year high. OI in the stock has increased more than 60% since the July series. We believe this accumulation was formed in August until November month. Despite weakness being seen in the stock during November and December, it did not prompt any major short additions. With the stock surpassing its major resistance levels of Rs 520, we expect fresh longs to be seen in the stock.
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