Buy Deepak Nitrite, target Rs 280: Anand James, Geojit Financial Services

Anand James of Geojit Financial Services has a buy call on Deepak Nitrite with a target price of Rs 280.

The current market price of Deepak Nitrite is Rs 262.25.

Time period given by the analyst is two weeks when Deepak Nitrite price can reach the defined target.


Anand James recommended keeping a stop loss at Rs 250.

"The pullback from August peaks has now retraced 50 per cent. Horizontal support of 253 is also close by, hinting at a swing higher. MACD and RSI in the hourly charts are showing oversold signs reversal," James said.
Deepak Nitrite, incorporated in the year 1970, is a midcap company (having a market cap of Rs 3,561.22 Crore) operating in the chemicals sector.

For the quarter ended 30-06-2018, the company has reported a Standalone sales of Rs 421.02 crore, up 7.14 per cent from last quarter Sales of Rs 392.95 crore and up 24.80 per cent from last year same quarter Sales of Rs 337.36 crore.