Shares of Dabur India Ltd rose as much as 2.9 percent to Rs 535 on Tuesday as some analysts placed "buy" calls on the stock for the short term. The stock was up for the fourth straight day.
Vinay Rajani, a technical research analyst at HDFC Securities sees 7 percent upside in Dabur from its previous day close of Rs 520, based on technical analysis. He has placed a price target of Rs 560 as the stock has given a symmetrical triangle breakout on the daily charts.
"The stock has surpassed the previous top resistance of Rs 514.70. The long build-up is seen in the October series, where OI has gone up more than 15 percent with a price rise of 5.5 percent," Rajani wrote.
"ADX indicator crossed -DI line on the upside, indicating the beginning of bullish momentum," he added.
ICICI Securities also has a "buy" call on Dabur India with a target price of Rs 554.
"Stock at the cusp of breakout above previous nine weeks range as it has rebounded forming a higher base at the 200 days SMA and rising demand line joining lows since March," it said.
The large cap FMCG had reported a consolidated sales of Rs 1,979.98 crore at the end of June 2020, up 6.14 percent from Rs 1,865.36 crore in the previous quarter.