mohantyshyama

Swing Trade in Deepak Nitrite

Long
NSE:DEEPAKNTR   DEEPAK NITRITE
Upper trendline which was acting as resistance is possibly acting as support now & since the price is near support level , it is a good idea to go Long in this stock. Excellent fundamentals & results to be declared shortly, so expecting a rally in near future. For safe traders, please wait for entry above 2951 on closing basis.
Possible targets - 3050 followed by 3220
SL - Below 2780 in closing basis.
Comment: Tried to give a breakout. Reached high of 3020 but due to turbulence in market, it closed at 2920 which is still above the mentioned trendline. Waiting for a close above 2951 for next level targets.
Comment: Didn't work out as per chart. It didn't take support at the upper trend line & is now back at the lower support line. This is probably due to the current market scenario & heavy profit booking.Let's see if it bounces from the lower trend line.