Deepak Nitrite Ltd.: Buy Deepak Nitrite, target Rs 200: SMC Investments and Advisors

SMC Investments and Advisors has a buy call on Deepak Nitrite with a target price of Rs 200.

The current market price of Deepak Nitrite is Rs 172.85.

Time period given by analyst is one month when Deepak Nitrite price can reach defined target.

SMC Capital recommended to keep a stop loss at Rs 155.

Deepak Nitrite, incorporated in the year 1970, is a Mid Cap company (having a market cap of Rs 2,259.34 Crore) operating in Chemicals sector.

In a report, the brokerage firm says, “After taking support at its 100 days EMA, the stock has shown V shape recovery in prices and once again holding above its short and long term moving averages. On daily charts, now it has formed rectangle formation and is on verge of breakout above its resistance which suggests for next up move in coming sessions. So, traders can accumulate the stock in range of Rs 170-185 for the target of Rs 200 with stop loss below Rs 155.”

The company’s top management includes Dr.Richard H Rupp, Dr.S Sivaram, Mr.Ajay C Mehta, Mr.Deepak C Mehta, Mr.Maulik D Mehta, Mr.Nimesh Kampani, Mr.S K Anand, Mr.Sanjay Upadhyay, Mr.Sudhin Choksey, Mr.Sudhir Mankad, Mr.Umesh Asaikar, Prof.Indira Parikh.

Company has Deloitte Haskins & Sells LLP as its auditors.

As on 31-03-2017, the company has a total of 130,711,266 shares outstanding.

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