Deepak nitrite recently breakout through the Resistance zone. You can clearly see in the chart. I have marked two zones Resistance zone and Support zone. Since one month stock was trading in between these two zone.
CMP : 1882.35
Positive Points:
Target: 1988
Duration:
Short term
In worst situation stock may drop down and will continue its consolidation phase.
Disclaimer: I am not sebi registered. Please do your own analysis before taking any new position. I am not responsible for your profit or loss.
CMP : 1882.35
Positive Points:
- Today it breakout with a great amount of volume. Todays volume was above the moving average of volume of 20 days.
Also the closing price is above the resistance zone.
- MACD is above zero line and histogram is showing bullish sign. MACD crossover is done.
- RSI is above 60. This indicates that the stock is in bullish trend now. If it continues this rally further we can have a very good target in short term which is near the 52 week high price.
Target: 1988
Duration:
Short term
In worst situation stock may drop down and will continue its consolidation phase.
Disclaimer: I am not sebi registered. Please do your own analysis before taking any new position. I am not responsible for your profit or loss.