Deepak Nitrite Ltd. (NSE: DEEPAKNTR)
https://www.tradingview.com/x/rwdHYPTL/
Deepak Nitrite Ltd. (NSE: DEEPAKNTR) on a monthly time frame,
Key Observations:
Price Action:
The stock saw a significant drop of 44.52% (from around ₹3,000 to ₹1,667).
Following this decline, the price has now recovered and is trading at ₹2,956.90.
Target Projection:
Based on the chart, there is a projected upward move, with a potential target of ₹4,229.80 (a 42.82% increase from the current price).
This upward projection suggests further bullish momentum in the stock.
Support & Resistance Zones:
Support Zone: Around ₹1,667, representing the lowest point during the recent drop.
Resistance Zone: The projected target zone near ₹4,200 is the next major resistance level, based on the chart setup.
Volume & CVD:
The Cumulative Volume Delta (CVD) data at the bottom of the chart indicates steady buying pressure, as seen in the increased green volume bars, supporting the recovery.
Conclusion:
The stock of Deepak Nitrite is showing recovery after a steep decline and is on a bullish trajectory with a potential for a 42% rise in the coming months. The analysis suggests strong recovery momentum, with a target of ₹4,200+. Traders may consider this as a medium to long-term opportunity based on the chart pattern.
Deepak Nitrite Ltd. (NSE: DEEPAKNTR) on a monthly time frame,
Key Observations:
Price Action:
The stock saw a significant drop of 44.52% (from around ₹3,000 to ₹1,667).
Following this decline, the price has now recovered and is trading at ₹2,956.90.
Target Projection:
Based on the chart, there is a projected upward move, with a potential target of ₹4,229.80 (a 42.82% increase from the current price).
This upward projection suggests further bullish momentum in the stock.
Support & Resistance Zones:
Support Zone: Around ₹1,667, representing the lowest point during the recent drop.
Resistance Zone: The projected target zone near ₹4,200 is the next major resistance level, based on the chart setup.
Volume & CVD:
The Cumulative Volume Delta (CVD) data at the bottom of the chart indicates steady buying pressure, as seen in the increased green volume bars, supporting the recovery.
Conclusion:
The stock of Deepak Nitrite is showing recovery after a steep decline and is on a bullish trajectory with a potential for a 42% rise in the coming months. The analysis suggests strong recovery momentum, with a target of ₹4,200+. Traders may consider this as a medium to long-term opportunity based on the chart pattern.
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