EquityPandit’s Outlook for DABUR for the week (April 18, 2016 – April 22, 2016):
Dabur closed the week on positive note gaining around 7.00%.
As we have mentioned last week that resistance for the stock lies in the zone of 250 to 255 from where the stock has broken down from the large Head & Shoulder pattern which the stock has formed during the whole 2015. If the stock closes above these levels then the stock can move to the levels of 260 to 270 where 100 Daily SMA is lying. During the week the stock manages to hit a high of 269 and close the week around the levels of 268.
The stock has closed around the strong resistance zone of 270 where 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 290.
Support for the stock lies in the zone of 250 255 where 100 Daily SMA and trend-line support for the stock is lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 where 500 Daily SMA is lying.
Broad range for the stock is seen between 250 to 255 on lower end and 270 to 275 on upper end.