EquityPandit’s Outlook for DABUR for the week (January 18, 2016 – January 22, 2016):
Dabur closed the week on negative note losing around 7.00%
As we have mentioned last week that support for the stock lies in the zone of 265. If the stock breaks below this levels on closing basis then the stock can drift to the levels of 250 where long term trend-line support for the stock is lying. During the week the stock manages to hit a low of 249 and close the week around the levels of 250.
Resistance for the stock lies in the zone of 260 to 265 levels from where the stock has broken down from the multiple support levels. If the stock manages to close above this levels then the stock can move to the levels of 270 to 275 where 100 & 200 Daily SMA are positioned.
Stock has close around the strong support zone of 250. If the stock closes below this levels for 2 days then the stock will break down from the large Head & Shoulder pattern which the stock has formed during the whole 2015. Target for this Head & Shoulder pattern can be in the range of 175 to 180 in 5 to 6 months time frame. For short term if the stock closes below this levels then the stock can drift to the levels of 235 where 500 Daily SMA and 100 Weekly SMA is positioned.
Broad range for the stock is seen between 225 to 230 on lower end and 265 to 270 on upper end.