Deepak Fertilisers jumps 6.8% near key resistance

Deepak Fertilisers and Petrochemicals Corporation Limited shares rose 6.77% to Rs 1,385.60. Resistance is near Rs 1,400 and support is at Rs 1,270. Deepak Fertilisers and Petrochemicals Corporation Limited [

] shares rose 6.77% to Rs 1,385.60 on 6 October. The stock is now trading just below the Rs 1,400 resistance zone. The session opened at Rs 1,305.00, touched a low of Rs 1,296.40 and a high of Rs 1,391.90. Volume was higher than in recent sessions. The rise follows a pullback from its mid-year highs, and the stock has spent the past few weeks between Rs 1,270 and Rs 1,400. The RSI reads 52.24, above its average of 42.11, which shows momentum turning up from a weak base. One strong session does not show a trend change. The price has met the Rs 1,400 area before, and a failure to move above it would keep the stock in its range. A close above Rs 1,400 would bring higher levels into focus. A fall below Rs 1,270, the near-term support, would put lower levels in view. Watch both levels in the coming sessions. Neutral stance while price trades between Rs 1,270 and Rs 1,400. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.