Sadhana Nitrochem: With the current rate of downward movement the stock may find 1/3 support at around 900. This by no means implies that the stock will make such consistent down move. It may turn bullish anytime and cross ¼ resistance line and will remain above the line, where the chart’s activity belongs majority of the time.
Sadhana Nitro, which had gone down the ¼ line 20th August, has recouped ¼ line on Friday. We are now likely to see a level of 862 in near term and a down trend may follow. Medium term target is at 1350