Deepak Fertilisers Breaks Resistance: SEBI RA Finance With Palak Sees Breakout Above ₹1,446
Synopsis
Retail sentiment has turned bullish on Deepak Fertilisers following a strong Q4 and chart breakout signals. An analyst sees bullish momentum ahead.
Deepak Fertilisers is back on investors' radar, driven by its technical charts. The stock has risen 7% in the last week and was trading above its 52-week high at the time of writing this article.
SEBI-registered analyst Finance with Palak notes the bullish trend for Deepak Fertilisers.
She highlights that the stock currently trades above a resistance level of ₹1,446. The price action suggests an imminent breakout is likely if it manages to sustain above this threshold.
Over the last few sessions, the stock has seen a surge in volumes and steady price action, indicating growing investor interest.
Deepak Fertilisers shares are also forming a rising trendline, which supports the potential continuation of this uptrend.
Technical charts suggest a potential buying opportunity if Deepak Fertilisers continues to trade above ₹1,446 and maintains its uptrend.
The fertilizer company recently posted robust March quarter earnings with a 21% rise in profits to Rs 278 crore and a 28% rise in revenues to ₹2,667 crore.
It reported that sales of bulk fertilizers exceeded 1 million metric tonnes. The company's specialty business segment now accounts for 22% of its revenue, up from 17% a year ago.
The company is strategically shifting its focus from commodity fertilizers to specialty products
The board has also recommended a dividend of ₹10 per share, subject to shareholder approval.
Data on Stocktwits shows retail sentiment turned ‘bullish’ a day ago.
Deepak Fertiliser shares have risen 24% year-to-date (YTD).
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