Traders can buy the stock around Rs 420 with an upside price target of Rs 473, and a stop loss could be placed at Rs 400.
After testing the strong support zone of Rs 360, Dabur India rebounded sharply and resumed its uptrend. In that optimism, the stock rallied towards Rs 459.
Subsequently, it witnessed decent profit booking as a result stock descended towards Rs 411. Looking at the daily chart, level of Rs 411 coincided with the 78.6% retracement of its entire swing move joined from the bottom of Rs 395 to the top of Rs 459.
The daily RSI (14) has signaled ‘Positive Reversal’ pattern. The daily higher top higher bottom formation is intact which indicates that the overall trend is still up. Considering the recent consolidation, we believe that the stock is poised for an up move.
Traders can buy the stock around Rs 420 with an upside price target of Rs 473, and a stop loss could be placed at Rs 400.Disclaimer: 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.