Deepak Nitrite Limited looks promising to enter into a trade

Published March 07, 2019

Deepak Nitrite Limited (DEEPAKNTR.NS) Close: 249.60

Deepak Nitrite Limited has developed a sideways trend in the past one year. In the long term chart the stock is trading strong inside a rising trend channel and has taken support at the lower trend channel line.

It has recently given buy signals from small rectangle and double bottom formations. The stock price is very close to its target of 252 rupees from the formations, but can still go higher. There is resistance around its previous peaks of 279 and 299 rupees, while support is around the 236 and 223 levels. Hence the risk reward ratio is favourable.

Volume tops and volume bottoms correspond well with tops and bottoms in the price. Volume balance is also positive, which strengthens the stock. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price is expected to continue to rise. The stock is overall assessed as technically positive in all time frames.

Recommendation one to six months: Positive

The analyses are based on closing price as per March 6, 2019. Maintaining proper stop loss is always recommended.

Skrevet af

Kiran R. Shroff
Analytiker
i Investtech

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Archive:

06 March: Three buy candidates for medium to long term

28 February: Breakout in these three stocks invites for early opportunity

26 February: Two buy opportunities for the near term future

21 February: Stocks with RSI above 70, based on our research 

19 February: Close to selling point, time to be cautious 

15 February: These two sugar stocks look promising 

14 February: Three short to medium term opportunities 

08 February: One buy and one sell in stocks while index suggests caution 

06 February: One buy and one sell, short to medium term opportunities 

01 February: Upside breakout from price formations 

30 January: Buying opportunity: Reversing from trend channel support 

9 January: One positive and one to stay away from 

2 January:  A good investment opportunity 

2018

21 December:  Good buying opportunities

14 December:  Positive on these three stocks

11 December:  One buy and one sell signal

07 December:  Sell Signals in Three Big Stocks

04 December:  Highest scorer of our Top 50 list

30 November: Positive stocks with 5-11 per cent upside potential

28 November: Buy signal on high volume

27 November: One Buy and One Sell Signal

23 November: Fear dominates these stocks

21 November: Sell signal, time to stay away

20 November: Early opportunity from short term buy signal?

16 November: Two Buy Signals and One Sell Signal

15 November: Buy signal in this one

14 November: Solid buy signal

13 November: Big auto stocks comparison

09 November: What to wait for?

06 November: Banking stocks look positive

02 November: Positive on this one

01 November: TECHM, NIFTY50 and Hausse

31 October: What are investors thinking?

30 October: Bullish on these three stocks

26 October: Three potential candidates to ride on

24 October: Three big Metal stocks, Seasonal variation

22 October: Among top performers on our Top 50 list

18 October: Three stocks investors should stay away from

17 October: Flowing against the tide

16 October: Positive on these 2 stocks

11 October: Over 45 per cent rise

10 October: 3 negative stocks

9 October: The Indian banking space

5 October: Nifty closes at a crucial level

2 October: Price formations in the long-term charts

28 September: Positive on Biocon Limited

26 September: Bearish outlook

25 September: 3 solid buys

20 September: State Bank of India story!

18 September: Weekly technical analysis

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