EquityPandit’s Outlook for Dabur for week (August 03, 2015 – August 07, 2015):
Dabur closed the week on negative note losing around 1%.
As we have mentioned last week that the stock has formed a Shooting star pattern on weekly charts indicating the end of the uptrend in the stock. The stock has to sustain above the levels of 305 to negate this pattern. The stock hit a high of 301.5 during the week and corrected to the levels of 290 during the week.
If the stock manages to close above the levels of 305 the stock can move to the levels of 320 to 325.
Support for the stock lies in the zone of 280 to 285 where short term, medium term moving averages and trend-line support are positioned.
Resistance for the stock lies in the zone of 305 to 310 levels.
Broad range for the stock is seen between 280 to 285 on lower end and 310 to 315 on upper end.