If Deepak Nitrite pulls back post result to anywhere from 2475 to 2445 and bounces intraday..it makes for an excellent buy on dip..
Last quarter was good but with several shutdowns in peer plants Q1 is shaping up well with price increased. The company has always benefited when freights have gone up and we currently are in that phase where freights are going up which makes it cheaper for companies to consume Indian made chemicals. Freights from China are up 22% week on week..
So the ideal world trade is long from 2445 with a stoploss of 2343.
But if the stock doesn't pullback and breaks out then long above 2544 with a stoploss below 2434.
IF your more positional and ok to take further risk in the breakout trade also i'd keep the stop below 2343 which I don't think it'll break
Last quarter was good but with several shutdowns in peer plants Q1 is shaping up well with price increased. The company has always benefited when freights have gone up and we currently are in that phase where freights are going up which makes it cheaper for companies to consume Indian made chemicals. Freights from China are up 22% week on week..
So the ideal world trade is long from 2445 with a stoploss of 2343.
But if the stock doesn't pullback and breaks out then long above 2544 with a stoploss below 2434.
IF your more positional and ok to take further risk in the breakout trade also i'd keep the stop below 2343 which I don't think it'll break