We did both technical and fundamental analysis on Deepak Nitrite.
The stock is good for positional buying.
15-Min Time Frame: (For Intraday Trade)
The stock is expected to give an immediate breakout if 15-Min candle closes above 1660 level.
The immediate target can be 1690.
Stop loss can be: 1635
Under 15-Min time frame, we can see last 15-min candle still closed above 50EMA, which can be sign that we can expect upside movement in next trading session.
For more details, please go through below screenshot.
1-Day Time-Frame: (For Swing Trade or Positional Trade)
The stock is expected to breakout if it closes above its lifetime high around 1690/1770
1690/1770 zone can acts as a strong resistance zone, if price closes above this zone, then it will be massive breakout. But if stock doesn't break this level and starts falling, then 1660 can acts as a immediate support and further the zone 1480-1396 will be strong support.
Since the stock is fundamentally strong, hence we may expect an upside movement or limited downside movement. But for the longer run, stock may give higher returns.
Stock has also broke a short term resistance trend line as shown in the screenshot.
The zone 1480-1690 can be a consolidation zone and price may also move within this range if it does not break 1690-1770 levels.
One can keep a close eye on this stock and buy on dips if interested in long term holding. Also, we can keep a close eye and take position as soon as it breaks out above 1690-1770 levels.
For more technical details, do refer below screenshot.
The Strategic Fortune Team
Disclaimer: Not for buy/sell recommendation. The information is shared based on technical analysis for study purposes. Market can be unpredictable and no one can be sure about its next move, however it's all about probability & based on historical data, we can try to predict the next moves. Concern your financial advisor before making a decision.