Buy Dabur India; target of Rs 106: IIFL

IIFL is bullish on Dabur India and has recommended buy rating on the stock with a target of Rs 106 in its April 13, 2011 research report.

"Dabur India on the weekly chart has signaled breakout from the inverted head and shoulder pattern above the levels of Rs 101 with spurt in volumes. Such a breakout also coincided with prices moving above the 200 DMA thus corroborating new uptrend in the counter. The amplitude of Inverted H&S suggest the upside projection of Rs 115 in the near term with stock considered as defensive at the time volatility in the broader markets. The volumes too have been expanding in the up tick which supports buying argument in the counter. We advise buying stock in the range of Rs 99.5-100.5 with stop loss of Rs 97.75 for target of Rs 106,

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