In the previous session, the Nifty index opened on a positive note and made a high near 17980.55 level. Later we saw consolidation throughout the day. The Index formed a Bullish Candle on the daily chart and closed with a net gain of 103 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

 Look at the below research report of ‘Stocks to Buy for Tuesday, September 13, 2022’ before the market opens.

Deepak Nitrite Ltd

On the daily chart, we can see that DEEPAKNTR stock prices have formed a ‘Cup and Handle pattern’ and are currently placed above the Neckline resistance of the handle. It is a continuation pattern which is formed when there is a prior uptrend, followed by a consolidation zone. As per pattern theory, 420 points movement on upside can be expected in coming days. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes..

As the chart looks attractive, one can initiate buy and accumulate this stock near Current price 2178 levels. Add more on dips around 2135 levels. We can expect it to reach a target of 2555 levels based on our analysis. This outlook is valid as long as we do not see any closing below Parabolic SAR support.

Check More Analysis on at DEEPAKNTR: Deepak Nitrite Ltd