Brokerage house HDFC Securities said Deepak Nitrite shares are in an intermediate uptrend as the Specialty Chemicals stock has been making higher and higher bottoms for the past several months. More upside looks at brokerages multibagger stock in 1-3 months.
HDFC Securities in a note on Deepak Nitrite said, “The stock recently corrected from the highs of 3020 tested in October 2021 and found support at 2005 levels, which are just above the 50-week SMA, making it a strong Intermediate support.” as part of its Emergine Positional stock pick.
The brokerage further pointed out that the chemical stock has since bounced back and in the process reversed its recent short-term downtrend. The stock recently broke the 2120-2400 range based on above average volume.
Intermediate technical setup is also looking positive, HDFC Securities believes Deepak Nitrite stock to move higher in coming weeks and hence buy with target is recommended 2662/2855 and stop loss 2,280 with a time horizon of 1-3 months.
“Technical indicators are giving positive signals as the stock is trading above the 20-day and 50-day SMAs. Daily momentum indicators such as the 14-day RSI have bounced back from oversold levels and are now in an uptrend. This augurs well for the continuation of the uptrend.”
Deepak Nitrite is a chemical manufacturing company. The company’s segments include Basic Chemicals, Fine and Specialty Chemicals, Performance Products and Phenolics. The Basic Chemicals section offers Sodium Nitrite, Sodium Nitrate, Nitro Toluidine, Fuel Additives and Nitrosyl Sulfuric Acid. Multibagger stock is up 145% this year (year-to-date), while it’s up 163% in the one-year period.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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