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Investors with a short-term horizon can buy the stock of Deepak Fertilisers & Petrochemicals Corporation at current levels. Following an intermediate-term downtrend, the stock found support at ₹104.8 in late January 2019. Subsequently, the stock changed direction as the daily indicators entered the oversold territory and began to recover from there. Over the last one month, the stock has been on a short-term uptrend. While trending up, the stock has surpassed its 21-day moving average recently. Moreover, the stock has jumped 5 per cent accompanied by above average volume on Wednesday, breaking above a key hurdle at ₹120 levels.
The daily relative strength index features in the neutral region and the weekly RSI continues to recover from the oversold territory. The daily price rate of change indicator hovers in the positive territory implying buying interest. The short-term outlook is bullish for Deepak Fertilisers. Traders can buy the stock with a stop-loss at ₹122.5. Short-term targets are ₹130.5 and ₹133.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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