Deepak Nitrate shows Bullish bias for 3rd Elliott wave target 870. Conversely it's cup and handle breakout with cup height ~260+600(breakout point) =860. Stoploss 550. Entry on any dip towards 600.
If Wave 4 retraces 0.382=712 then wave 5 target 960-70
If Wave 4 retraces 0.272=772 then wave 5 target 1032
Calculations and actual movement in stock may differ ask...
Note: This is for educational purpose only.
There is a bullish breakout with ultra high volume. RSI is above 70 which indicates overbought. There would be an consolidation/ pullbac before the next rally.
Date: 23 July 2020
Deepak Nitrite (CMP 551.10)
Deepak Nitrite quarterly result is on 30 Jul.
Fundamentally it is a good company. Being into chemical business the pandemic situation should benefit the stock due to increasing demand. One of the best figures of RoCE, ROE, EPS, ROA and lower PE than Industry PE.
PE = 11.84, Industry PE = 12.94, ROE = 46.57, ROCE =...
Consolidation in a rectangle.
try to buy on dips 490-495
Target = 546 - 8.3%
SL = 490 - 2.7%
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
I took a pilot position at 485 and I will be looking to add at minor corrections or on the way upward (when the price shows more strength)
Technicals: stock quickly recovered from recent COVID-19 crash lows. It held 2019 lows and surged higher very quickly to make new highs
This stock shows good sales and profit growth.
3 years of sales growth -...
DEEPAKNTR has formed a descending triangle channel in 1 hour time frame over the last few days.
Theoretically a descending triangle breaks out downwards.
The price is currently hovering just above the lower side support of the triangle pattern suggesting a breakdown.
Look for SHORTING opportunities after confirmation of breakout in intraday BELOW 480...
After a sharp correction in deepak nitrate the stock is still maintaining its momentum.
We can expect a bottom formation around 300-320 level.
Buy with a 10% stop loss.
This stock looks good with other few stocks which can give huge return in next couple of months.