Buy Deepak Nitrite, target price Rs 2020: Chandan Taparia

Chandan Taparia of Motilal Oswal has buy call on Deepak Nitrite with a target price of Rs 2020. The current market price of Deepak Nitrite Ltd. is Rs 1926.05. Time period given by analyst is Intra Day when Deepak Nitrite Ltd. price can reach defined target.

Deepak Nitrite Ltd., incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 26291.12 Crore) operating in Chemicals sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 1469.17 Crore, up 18.52 % from last quarter Total Income of Rs 1239.57 Crore and up 38.90 % from last year same quarter Total Income of Rs 1057.74 Crore. Company reported net profit after tax of Rs 290.11 Crore in latest quarter.


Investment Rationale
Consolidation breakout on weekly frame and forming higher highs –higher lows on daily scale after taking support at its 50 DMA