Deepak Nitrite Limited (DEEPAKNTR) Stock - Complete Technical Analysis - Oct 08, 2024

Deepak Nitrite Technical Analysis: Key Levels & Insights for Traders

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Analyzing Deepak Nitrite Limited (DEEPAKNTR), currently priced at 2791, we observe that the stock is 11.94% below its 52-week high of 3169, reached on August 1, 2024, and 45.21% above its 52-week low of 1921.85 from October 26, 2023. Over the last five trading sessions, the stock exhibited significant price fluctuations, with a notable surge on October 4 when it reached a high of 2923.85, followed by a gradual decline. The stock opened today at 2762.65, hitting a low of 2749.75 and a high of 2809.40, ultimately closing at 2790.65.

Looking at the technical indicators, the MACD is currently negative, indicating bearish momentum, while the RSI is at 41.35, suggesting that the stock is approaching the oversold territory but hasn't yet crossed that threshold. The ADX at 13.18 points to a weak trend, implying that there is not enough momentum in either direction.

In terms of support and resistance levels, key support is identified around 2784.8, while resistance can be seen at 2904.3. The recent price movements, particularly the gaps and surges, hint at heightened volatility. The stock's ATR indicates increased volatility, making it essential for traders to stay vigilant.

Overall, traders should consider the stock's current trend, monitor for any significant price reversals, and watch the upcoming sessions for potential breakouts above resistance or further declines below support levels. Staying updated on these indicators will be crucial for making informed trading decisions.