Deepak Nitrite, SRF, Navin Fluorine: Trading strategies for these buzzing stocks
Deepak Nitrite has been in a declining trend since January 2024 resulting in a correction from Rs 2,519 to Rs 2,035. Thereafter, it entered a phase of base building, said an analyst.
- Apr 4, 2024,
- Updated Apr 4, 2024 8:42 AM IST
Indian headline indices settled marginally changed on Wednesday, settling flat after a choppy trading session. After an initial downtick led by weak global cues, buying in select stocks supported the indices to pare-up for the losses. The 30-share pack BSE Sensex shed 27.09 points, or 0.04 per cent to settle at 73,876.82. NSE's Nifty50 index fell 18.65 points, or 0.08 per cent, to end at 22,434.65. Some buzzing stocks namely Navin Fluorine International Ltd, Deepak Nitrite Ltd and SRF Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:Navin Fluorine International | Caution | Resistance: Rs 3,235 | : Rs 2,890 Navin Fluorine has been consolidating in a sideways pattern over the past eight weeks, showing no clear directional bias. On the daily chart, it has faced significant resistance around the Rs 3,235-3,330 levels. The daily RSI is also hovering below the 50-mark indicating indecision in the market sentiment. On the flip side, a support base has been firmly established around the Rs 2,890 levels. Consequently, a decisive breakout in either direction is eagerly awaited to indicate a definitive trend. SRF | Caution | Resistance: Rs 2,900 | Support: Rs 2,400 SRF exhibits a positive technical framework with a consistent pattern of higher highs and higher lows on the weekly chart. Both the daily and weekly MACD indicators are reinforcing the existing strength while the momentum indicator RSI is in a positive position. The scrip's structure looks impressive trading above all crucial moving averages. Given the present momentum, there is potential for the stock to further advance towards the Rs 2,900-3,000 levels where it encounters its next resistance. On the downside, Rs 2,400 is anticipated to serve as a formidable demand zone.Deepak Nitrite | Buy | Target Price: Rs 2,450 | Stop Loss: Rs 2,100 Deepak Nitrite has been in a declining trend since January 2024 resulting in a correction from Rs 2,519 to Rs 2,035. Thereafter, it entered a phase of base building. Currently, it is showing signs of emerging from this base-building phase. On several occasions, it has successfully defended its 20-day SMA leading to the formation of a base and subsequent sharp reversal moves. We anticipate a similar pattern to unfold as observed in 2023. The bullish crossover in the 20-day and 200-day DMA is also contributing to positive sentiment in the stock. Given the bullish outlook, our proposed strategy involves initiating a purchase position accompanied by a strategically placed stop-loss at Rs 2,100.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Indian headline indices settled marginally changed on Wednesday, settling flat after a choppy trading session. After an initial downtick led by weak global cues, buying in select stocks supported the indices to pare-up for the losses. The 30-share pack BSE Sensex shed 27.09 points, or 0.04 per cent to settle at 73,876.82. NSE's Nifty50 index fell 18.65 points, or 0.08 per cent, to end at 22,434.65. Some buzzing stocks namely Navin Fluorine International Ltd, Deepak Nitrite Ltd and SRF Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:Navin Fluorine International | Caution | Resistance: Rs 3,235 | : Rs 2,890 Navin Fluorine has been consolidating in a sideways pattern over the past eight weeks, showing no clear directional bias. On the daily chart, it has faced significant resistance around the Rs 3,235-3,330 levels. The daily RSI is also hovering below the 50-mark indicating indecision in the market sentiment. On the flip side, a support base has been firmly established around the Rs 2,890 levels. Consequently, a decisive breakout in either direction is eagerly awaited to indicate a definitive trend. SRF | Caution | Resistance: Rs 2,900 | Support: Rs 2,400 SRF exhibits a positive technical framework with a consistent pattern of higher highs and higher lows on the weekly chart. Both the daily and weekly MACD indicators are reinforcing the existing strength while the momentum indicator RSI is in a positive position. The scrip's structure looks impressive trading above all crucial moving averages. Given the present momentum, there is potential for the stock to further advance towards the Rs 2,900-3,000 levels where it encounters its next resistance. On the downside, Rs 2,400 is anticipated to serve as a formidable demand zone.Deepak Nitrite | Buy | Target Price: Rs 2,450 | Stop Loss: Rs 2,100 Deepak Nitrite has been in a declining trend since January 2024 resulting in a correction from Rs 2,519 to Rs 2,035. Thereafter, it entered a phase of base building. Currently, it is showing signs of emerging from this base-building phase. On several occasions, it has successfully defended its 20-day SMA leading to the formation of a base and subsequent sharp reversal moves. We anticipate a similar pattern to unfold as observed in 2023. The bullish crossover in the 20-day and 200-day DMA is also contributing to positive sentiment in the stock. Given the bullish outlook, our proposed strategy involves initiating a purchase position accompanied by a strategically placed stop-loss at Rs 2,100.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.