Dabur India Ltd has given consolidation breakout
The stock trading above its 20-day EMA (423.90),50-day EMA (414.35), 100-day EMA (411.25) and 200-day EMA (400.20), which indicates stock is in medium-long term uptrend. On Monday stock has given breakout of eight sessions consolidation along with strong volume. Additionally, the stock formed a sizeable bullish candle on the breakout day, which adds strength to the breakout.
The 14-period day RSI tilted northward, which depicts positive momentum. According to Stochastic analysis, on the daily time frame, there is a bullish crossover, which is a positive signal.
For any immediate decline Rs.423 is likely to act as short-term support as it is the confluence of 20-day EMA and upward sloping trendline support. While on the upside, the stock is likely to face resistance at Rs. 440, followed by Rs. 450.
On Monday, the stock of Dabur India closed at Rs. 433.45 per share, up by 2.75 per cent. The stock opened at Rs. 425.65 per share and hit an intraday high of Rs. 435.50 and a low of Rs. 420.90 per share on BSE.