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

Deepak Nitrite Stock Technical Analysis Support & Resistance Levels November 2024 DEEPAKNTR

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 exhibiting a corrective phase, with its price at 2678, 15.49% below its 52-week high of 3169. The stock is above its 52-week low, suggesting it still holds strength above the recent low of 2021. The recent drop on November 8, 2024, saw the stock open at 2816, briefly surge to 2833, and then close lower at 2678, pointing to some weakness at higher levels.

The stock is facing resistance near the 10-day EMA at 2728, and its short-term trend remains bearish, as seen with the RSI of 43.87 and the MACD in the negative zone. Despite this, there is potential support at levels near 2494, where traders might look for a rebound or consolidation.

The ADX value of 21.39 indicates weak trend strength, and the Awesome Oscillator is also reflecting bearish momentum. However, traders can use the ATR value of 490 to gauge volatility and set appropriate stop-loss levels. With the stocks price currently in a downward channel, those looking for entry points should closely monitor any pullbacks toward key support levels like 2494, where the stock might show signs of reversal.