Shitij Gandhi
Deepak Nitrite has been maintaining its uptrend ever since it broke out above Rs 245 levels which we witnessed in the recent past. Last week, we witnessed a fresh breakout above the bullish flag pattern which took the stock from Rs 265 to Rs 300 levels.
In the current scenario, the rising volumes with the rise in price suggest that the momentum is likely to continue in the coming sessions as well. Traders can accumulate the stock in a range of Rs 275-280 for the upside target of Rs 315 and a stop loss below Rs 252.
Disclaimer: The author is a Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts 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.
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