Based on the chart of Deepak Fertilizers & Petrochemicals, it appears that the stock is currently at a resistance level of ₹1,111.90, while previously testing support around ₹955.50. The stock is up 4.09% for the day, with a bullish momentum as indicated by the price action and a Relative Strength Index (RSI) at 63.40, suggesting room for further upside but nearing overbought territory.
Trade Idea:
Buy Entry: If the stock sustains a breakout above ₹1,111, it could lead to further gains towards ₹1,200 or higher.
Stop Loss: Place a stop loss below ₹955.50 to manage risk.
Take Profit: Look for targets around ₹1,200–₹1,250 if the breakout continues with strong volume.
Given the upward trend, this setup offers a potential positional trade with a favorable risk-to-reward ratio, provided the stock breaks resistance with momentum.
Trade Idea:
Buy Entry: If the stock sustains a breakout above ₹1,111, it could lead to further gains towards ₹1,200 or higher.
Stop Loss: Place a stop loss below ₹955.50 to manage risk.
Take Profit: Look for targets around ₹1,200–₹1,250 if the breakout continues with strong volume.
Given the upward trend, this setup offers a potential positional trade with a favorable risk-to-reward ratio, provided the stock breaks resistance with momentum.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.