Buy Deepak Nitrite, target Rs 280: Nandish Shah

Nandish Shah HDFC Securities

After forming a double bottom at Rs 215 levels during last month, Deepak Nitrite has given a bullish breakout above the downward sloping trendline, adjoining the highs of 24-April, 25-June, 10-July and 01-August 2018.

The stock price also closed above its 200-day-SMA on Monday with higher volumes. The momentum indicators and Oscillators like RSI and MACD are showing strength in the stock for the short to medium-term perspective.

Therefore, we recommend buying Deepak Nitrite for the upside target of Rs 280, and a stop loss placed below Rs 235.

Disclaimer: The author is a Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.