Excellent and encouraging chart formation in Daily timeframe.
Look at it:
The chart is now breaking out (and in retesting mode) of the long term falling trendline (red color)
The solid long term supports one can see first 2156, then 2050 level.
Higher side: 2400, 2700.
Keep SL of 2150. CMP: 2260
Hello Traders/Investors
Recently Deepak Nitrite shows a breakout of trend-line and it is re tested as well. RSI and other indicators are supporting this breakout as well.
There is a possibility of 25-30% Rally in this stock in coming months.
Targets can be seen in Chart
Note: Trade at your own risk. this is just for Educational Purpose
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.
Deepak Nitrite Ltd - 03.06.2022
The stock is trading @ 1958 levels
Re-entry on Buy Side is good above 2010.
STOCHASTIC is OVERBOUGHT in Daily Chart
The prices are near EMA
There is a RESISTANCE @ 2050
Watch out for the price action
Stock is rising in an impulsive way & can be seen forming a five wave structure of which currently a triangular wave 4 has just completed. Buy on cmp with SL of 2180 & look for the target of 2350/2400
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Deepak nitrite did a healthy correction of 36.2% from last swing high and tested the 200 MA , now it has bounced back from the daily demand zone.
200 MA support
Confluence area bounce
Daily demand zone support
RSI coming to bullish Zone.
MACD recovering from bearish zone.
BUY ABOVE - 2365
Please LIKE, COMMENT and SHARE to motivate and support me. I'll keep on...
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...
![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]")
