Deepak Nitrite has seen Fresh Trendline breakout on 4-Hour and Daily Chart.
Reasons to Buy Deepak Nitrite:
# Trendline Breakout Seen.
# Breakout After huge Consolidation.
# Stock already has seen significant correction from all time highs
# Volume on Breakout are decent.
NSE:DEEPAKNTR
#NSE:DEEPAKNTR formed beautiful triangle and all levels marked for practice.
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A seen on weekly chart deepak has made a top at 3020 followed by a low of 2005, the next swing high was at 2690 making it a lower high.
So a till now a HH-HL-LH has been formed, also after making LH the prices has broke the trend line, now it will be interesting to watch how this will unfold whether new Lower low can be seen or it will broadly move in the range...
NSE:DEEPAKNTR
Observations:
1) On daily time frame, we can see in last two trading day, it has been taking support from 100DMA.
100DMA is it critical supprot.
And we can see that from 2180 to 2200 is major support.
Please refer below chart : 1day Time Frame.
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Trade Setup for Date 01-11-2021:
1) Don't Jump in...
Target:- 2737
Stop Loss:- 2346
Duration:- 5 to 6 Weeks
The stock has already break the resistance line and test that resistance line again and used that as a support, showing a bullish candle, which is an indication of upside move. So we can buy this at market order. Use proper stop loss and maintain discipline throughout the trading period and use trailing...
Key Highlights:
1. Bullish market structure
2. Volume expansion
3. Coming out of consolidation
4. Trendline breakout
5. Ripe for next impulsive move
6. Buy only on pullback b/w 1825-1850
7. Target: 1987, 2110, 2176
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
P.S: This is NOT investment advice. This chart is meant for...
SWING TRADE:
DEEPAK NITRITE, moving in descending triangle pattern, enter once it breaks the trendline near 1812.
Or if anyone wants to enter now can also enter with SL below 1710, SL will be big so keep in mind.
The price was in an uptrend before going into a correction. Currently, the price is moving in an ascending triangle which may break upwards to continue the uptrend. 200 MA has been continuously acting as a support.
Buy above 1840 to be on a safer side
Target: 1957
Here is the line chart to provide a better view:
NSE:DEEPAKNTR
trade if one can find reversal trade for short as per their trade setup.
******whatever charts or levels sharing here are just for educational purpose only not a recommendation. please do your own analysis before taking any trade on them. we are not SEBI registered.
After a minor correction in the first half of August, the stock of Deepak Nitrite rebounded from the support band between ₹550 and ₹570. It rallied and is now retesting the all-time high of ₹673.35. The major trend is bullish and the stock has formed higher low in the daily chart. Going forward, the scrip can breakout of the prior high and witness a strong rally...
![DEEPAKNTR: Simple Trade Setup | DEEPAK NITRITE | 01-11-2021 [ INTRADAY]](https://s3.tradingview.com/p/PEbKvcnh_mid.png "Simple Trade Setup | DEEPAK NITRITE | 01-11-2021 [ INTRADAY]")
