Page 4 - Deepak Nitrite News Today

Somehow word volatility got associated with bearish trend, while it might appear strange to some, the fact is that even volatility has a bias and that can be toward bulls also. In the last few sessions that bias has changed toward bulls. Broader market indices have been able to recover sharply from their lows when they have opened down lower. At this point of time when sectors like banks are leading it, there is a high probability that we might see more of it in the coming weeks. The only caveat...

​As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

A short build-up was seen in 69 stocks, including Nestle India, Kotak Mahindra Bank, DLF, Deepak Nitrite, and Godrej Properties.

The heavy outlay towards its expansion plans will mean there will be a spike in Deepak Nitrites debt burden in the near future after becoming virtually debt-free in FY23

While the average return for the 10 past occassions was a tepid 0.3 per cent, if one ignores March 2020's 23 per cent selloff -- which was mainly on account of onset of Covid, the average Nifty return for March stands at 2.9 per cent, JM Financial said in a note. 

The level of 22,000 is crucial for Nifty to hold else bearishness may return to the market. Two stocks have formed a good setup for swing trading on the technical charts

Positive trading setup was seen in stocks like Power Grid, Deepak Nitrite, Aarti Industries, BHEL, HDFC Bank, Axis Bank, NTPC, DLF, HPCL, Apollo Hospital, Indigo, Pidilite Industries, Grasim, SBI Life, ONGC, Indian Hotels etc. among others.

Nifty retained its winning streak on Tuesday for the sixth session in a row and hit a fresh lifetime high catapulted by index heavyweight HDFC Bank. The 50-stock index finished at 22,196.95, higher by 74.70 points or 0.34%.

A short build-up was seen in 54 stocks including Balrampur Chini Mills, Hero MotoCorp, Coromandel International, Cholamandalam Investment & Finance, and Birlasoft

Motilal Oswal recommended Neutral rating on Deepak Nitrite with a target price of Rs 2185 in its research report dated January 15, 2024.