Deepak Nitrite Limited (DEEPAKNTR) Stock - Complete Technical Analysis - Sep 05, 2024

Deepak Nitrite Limited: Technical Analysis

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. Deepak Nitrite Limited (DEEPAKNTR) is currently trading at 2,998.65, reflecting a position approximately 5.38% below its 52-week high of 3,169.0 and 56.03% above its 52-week low of 1,921.85. The stock exhibits a P/E ratio of 116 and a dividend yield of 0.25%, indicating a high valuation relative to its earnings and a modest return on dividends.

Technical Analysis:

Support and Resistance: Immediate support is found around 2,740.0, with further support at 2,568.95 and 2,183.4. Resistance levels are seen at 3,125.55, 3,340.05, and potentially as high as 3,725.6.

Moving Averages: The stock price is currently above several key moving averages, including the 10-day EMA at 2,933.94, the 20-day EMA at 2,922.03, and the 50-day EMA at 2,832.44. This indicates a generally bullish trend. However, it is slightly below the 200-day EMA of 2,502.52, which suggests a long-term upward trend is in place but might be facing short-term resistance.

Chart Patterns: The current Doji and Spinning Top patterns suggest market indecision, which could signal a potential reversal or consolidation in the near term.

Indicators:

The RSI is at 59.47, reflecting that the stock is approaching overbought territory but is not yet in an extreme zone.

MACD is showing strong bullish momentum with a positive value, indicating that the current trend is upward.

ADX is at 19.8, suggesting a weak trend strength, so be cautious of potential volatility.

Stochastic RSI is extremely high at 98.6, which could indicate overbought conditions.

The Awesome Oscillator is negative, hinting at a potential shift in momentum.

Ultimate Oscillator is at 54.17, showing that momentum is moderately positive but not strongly trending.

Williams Percent Range is at -30.65, indicating that the stock is in a somewhat overbought condition.

Volatility: The Average True Range (ATR) indicates significant recent volatility, with the latest readings showing higher volatility, reflecting possible market fluctuations.

Summary: Deepak Nitrite Limited is experiencing some bullish momentum with its current technical indicators but is showing signs of market indecision. Traders should watch the support levels closely, as well as keep an eye on resistance levels, and be prepared for possible volatility due to the current ATR readings and chart patterns.