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The short-term outlook is bullish for Deepak Nitrite. A fresh leg of upmove within the overall uptrend has just begun a week ago. The 3.3 per cent rise on Tuesday indicates that the upmove is gaining momentum. Moving average cross overs on the daily chart also strengthens the bullish case. All these factors indicate that the downside could be limited, and dips are likely to be bought. Strong support is in the ₹2,275-2,250 region.
Deepak Nitrite share price can rise to ₹2,600-2,620 over the next three-four weeks. Traders can go long now at around ₹2,357. Accumulate on dips at ₹2,325. Keep a stop-loss at ₹2,230 initially. Trail the stop-loss up to ₹2,395 as soon as the stock moves up to ₹2,420. Move the stop-loss further up to ₹2,470 when the price touches ₹2,510. Exit the stock at ₹2,580.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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