Dharamsi Morarji Chemical Company, DMCC as its well known in industry, is a decades old company into manufacture of sulphuric acid and related chemicals. It is into speciality chemicals and APIs too.
Recent quarterly results too give confidence of investment/trade in it. Now the company being listed on NSE too, it is now in the eyes of wider audience.
Technically too, two possible scenarios emerge. It's price is in sideways direction hovering between 300 to 400.
1. Entry when daily close above 400 with SL of 360 and target of 500. So R:R is 1:2.5
2. If the stock corrects from CMP, then try to enter near 330-340, with a SL of 300 and targets as 400 and 500. R:R will be 1:3 and 1:6 assuming entry near 330.
The 200 Day EMA is now at 325 will offer kind of support in either cases.
Recent quarterly results too give confidence of investment/trade in it. Now the company being listed on NSE too, it is now in the eyes of wider audience.
Technically too, two possible scenarios emerge. It's price is in sideways direction hovering between 300 to 400.
1. Entry when daily close above 400 with SL of 360 and target of 500. So R:R is 1:2.5
2. If the stock corrects from CMP, then try to enter near 330-340, with a SL of 300 and targets as 400 and 500. R:R will be 1:3 and 1:6 assuming entry near 330.
The 200 Day EMA is now at 325 will offer kind of support in either cases.
Comment:
Finally !! The much awaited breakout happened today with the stock rising 20% for a brief period and closing 18% higher than yesterday's close surpassing previous All Time High. Much much larger targets to come in this.