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.

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SHORT TERM PERSPECTIVE

Company Deepak Nitrite Limited
Recommendation Accumulate (Rs.490-RS.495)
CMP Rs.504.10
Stop Loss (SL) Rs.470
Target Price Rs.535-Rs.565
Time Horizon 2-4 Weeks

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Intermediate and short term trend is up in this stock. After an up move, the stock has been trading in a narrow channel. This pattern is called a Flag pattern which is bullish in nature. The price has given an upwards breakout with increasing volumes. Increase in volume and positive diversion from oscillator indicate that stock can move higher from current levels so one can accumulate the stock between (Rs. 490- Rs 495) With a stop loss of Rs. 470 on closing basis and respected target seems Rs.535-565. Time frame should be 2-4 weeks.

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

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