This is a Weekly chart. Here are some observations:
1. Price has been in a downtrend since Oct 2021 forming a large cup potentially finishing around Jun 2025 with neckline at ₹650
2. The red trendline still has to be broken to officially get into the uptrend
3. The recent green trendline has been breached following the healthy Quarterly results posted yesterday
4. Price has touched levels of 500 multiple times suggesting it to be a strong support zone
5. Multiple resistance levels on the way up particularly at 565, 600 and 650. All of them can be used as short term targets as well
6. Final target at 800 based on the cup (500 to 650)
Growth Drivers:
1. Economy has faced high inflation in recent times reflecting in the downtrend of stock performance
2. Consumer companies are reporting rural uptick in sales
3. Global consensus of rate cuts in 2024/2025
4. India’s growing population and per capita income
Verdict:
Considering both the macroeconomic factors and the fundamental/technical combination of Dabur, it seems like it has bottomed out at around 500 and is ready for the uptrend likely to hit ₹800 in the coming years. A handle formation is likely at ₹650, so the earnings have to be tracked closely. Happy trading!
1. Price has been in a downtrend since Oct 2021 forming a large cup potentially finishing around Jun 2025 with neckline at ₹650
2. The red trendline still has to be broken to officially get into the uptrend
3. The recent green trendline has been breached following the healthy Quarterly results posted yesterday
4. Price has touched levels of 500 multiple times suggesting it to be a strong support zone
5. Multiple resistance levels on the way up particularly at 565, 600 and 650. All of them can be used as short term targets as well
6. Final target at 800 based on the cup (500 to 650)
Growth Drivers:
1. Economy has faced high inflation in recent times reflecting in the downtrend of stock performance
2. Consumer companies are reporting rural uptick in sales
3. Global consensus of rate cuts in 2024/2025
4. India’s growing population and per capita income
Verdict:
Considering both the macroeconomic factors and the fundamental/technical combination of Dabur, it seems like it has bottomed out at around 500 and is ready for the uptrend likely to hit ₹800 in the coming years. A handle formation is likely at ₹650, so the earnings have to be tracked closely. Happy trading!
Comentário:
First target of 565 achieved. Look for further momentum in tomorrow’s price action for a breakout towards the next target of 600. The FMCG sector overall has shown a strong upwards surge today. The NIFTY50 has been under selling pressure, so the developments have to be tracked closely.