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Investors with a short-term perspective can buy the stock of Deepak Fertilisers & Petrochemicals Corporation at current levels.
Since the stock took support at around ₹60 in mid-March 2020, the stock has been in a medium-term uptrend.
In late April, the stock had decisively breached a key resistance at ₹100 which later turned as a crucial support.
On Monday, the stock zoomed 9 per cent accompanied by above average volume, breaking an immediate resistance at ₹110.
Moreover, the stock trades well above its 50- and 200-day moving averages.
Overall, the short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹118 and ₹121 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹110.5.
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