Deepak Nitrite Limited is a chemical manufacturing company. The Company offers Sodium Nitrite, 2 Ethyl Hexyl Nitrate and Optical Brightening Agent (OBA). The Company’s segments include Bulk Chemicals and Commodities (BCC), Fine and Speciality Chemicals (FSC), and Fluorescent Whitening Agent (FWA). The BCC segment offers nitro tolunes, fuel additives and sodium nitrite/nitrate. The FSC segment offers specialty chemicals, xylidines, oximes and cumidines.

Company Deepak Nitrite Ltd.
Recommendation Accumulate (Rs.705-RS.710)
CMP Rs. 720.50
Stop Loss (SL) Rs.680
Target Price Rs.760-Rs.780
Time Horizon 2-4 Weeks


Intermediate trend is up in this stock. The stock has been in an uptrend and after a moil correction the prices have made a Hammer pattern on the daily chart which is bullish in nature. Increase in volume and positive diversion from oscillator indicate that it can move higher from current levels so one can accumulate the stock between (Rs 705-710) With a stop loss of Rs. 680 on closing basis and respected target seems Rs 760-780. Time frame should be 2-4 weeks.


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