Dhanuka Agritech Ltd: CMP 790
As you can see on the daily charts of Dhanuka Agritech there is a Inverse Head and Shoulders/ Cup & Handle Pattern breakout close to 790 levels.
Stock made its all time high in today’s candle, Breakout with All Time High would ideally mean that the trend is really bullish.
Dhanuka Agritech manufactures a wide range of agro-chemicals like herbicides, insecticides, fungicides, miticides, plant growth regulators in various forms – liquid, dust, powder and granules. The Company has a pan-India presence through its marketing offices in all major states in India, with a network of more than 7,000 distributors/ dealers selling to over 75,000 retailers across India and reaching out to more than 10 million farmers. The Company has technical tie-ups with 4 American, 5 Japanese & 2 European Companies.
Recently, Agri sector stocks have been rallying sharply. It will be interesting to see how Dhanuka moves now since the patterns target are pretty huge at 1100+, any stop loss would be good near 720 levels.
DISCLAIMER: Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”
DISCLOSURE: It is safe to assume that i might have Dhanuka Agritech Ltd in my portfolio and hence my point of view can be biased. Readers should consult their financial advisory before any investments.