Customized chemical sector is showing accumulation and expected breakout can come next week. Focus on this sector, as it going in narrow range soon. Stocks like, Aartiind, Pidilite,DEEPAKNTR are in focus.
NSE: DEEPAKNTR is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 11% gain on...
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This is not buying or selling recomendation.
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DEEPAKNTR is trying to break out the resistance zone of 1980 and volumes are looking good.
it is looks good to buy above 1985 SL 1965 (20 points) Target 2007,2037,2063,2086
Risk to reward would be 1:3 to 1:5
good accumulation, VCP pattern
u/d ratio more than 3
sellers exhausting.
accumulation going on around 50ema
21ema going towards 50 ema with changing angle
sl is less than 8 percent, which is reasonable for positional type trade.
one big volume bar might reveal accumulation.
buy if stays above 1900.
Deepakntr being ready for breakout above 2270-75
It also forming inverse Head&Shoulder pattern.Soon it may hit 2340-2400++.
We are Keeping on radar Deepakntr 2300 CE.
The cup and handle pattern is one the most reliable pattern if it shows these signs in its formation:
Big volume buying on the reversal from lows which shows that institutions are buying.
Volume dry up on pullback shows in handle shows that the supply is being consumed by institutions showing no selling pressure.
2x or 3x the average volume on pivot...
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.
Stock faced rejection around 200MA & closed below 2050 Support. 2007-2000 is small support below which expecting a fall upto 1935-1940 support zone for a possible bounce again.
Just compare rsi support line n price chart you will find whenever it broke ema 20 there was a rsi trendline support at bottom and it bounced from there, however now things seems changed, rsi already broke down of its support trendline, n stock is at to break ema20, it will test ema50 + its channel bottom +trendline from may2014.
This scrip is highly overvalued, and fair value is around 888 (personal view after deliberating fundamentals). Currently, Wyckoff distribution is playing out, and further downside is expected.
Fundamentally, scrip is strong, but it is highly overvalued due to excess liquidity. With each interest rate hikes, the fair value, which is 55% of the highs of pre-covid...
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
NSE:DEEPAKNTR
#NSE:DEEPAKNTR formed beautiful triangle and all levels marked for practice.
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