Deepak Nitrite: A meaningful top or still more steam is left?


A seen on weekly chart deepak has made a top at 3020 followed by a low of 2005, the next swing high was at 2690 making it a lower high.
So a till now a HH-HL-LH has been formed, also after making LH the prices has broke the trend line, now it will be interesting to watch how this will unfold whether new Lower low can be seen or it will broadly move in the range of 2k to 3k.
As observed from shareholding pattern FII have done profit booking in this their stack has reduced by 2% approx (retail has absorbed this supply, retail increase by 2%).
With this observation i am of this opinion that top has been made and it will consolidate for some time (2k-3k). Will look forward for volume dry down to catch the lower level entries along with volume pickup.


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