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Deepak Nitrite’s stock, after witnessing a sell-off in the third week of October, found support at ₹2,640, which arrested the decline. Over the past couple of weeks, it fluctuated within the price band of ₹2,640-2,760. On Wednesday, the stock saw a high-volume breakout, hinting at a potential reversal in the trend. Although there was a price drop on Thursday, the scrip retains its bullishness.
We expect the stock to touch ₹2,950 over the next few sessions. So, traders can buy shares of Deepak Nitrite at ₹2,815 with a stop-loss at ₹2,750. When the price hits ₹2,900, revise the stop-loss to ₹2,830. Liquidate the longs at ₹2,950. If the stock opens Friday’s session below ₹2,750, refrain from taking this trade.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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