Deepak Nitrite Limited (DEEPAKNTR) Stock - Complete Technical Analysis - Dec 16, 2024

"Deepak Nitrite Stock Analysis: Key Support & Resistance Levels Technical Insights"

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) stock is currently trading at 2,680, sitting 15.44% below its 52-week high of 3,169, and 32.60% above its 52-week low of 2,021. This suggests that the stock has been facing some downward pressure but is still holding well above its lower range. In recent days, the stock has been showing mild fluctuations, with the latest close at 2,679.85.

From a technical standpoint, the Average Directional Index (ADX) stands at 13.34, suggesting a weak trend, indicating that DEEPAKNTR is currently in a consolidation phase. The Relative Strength Index (RSI) is at 48.17, which shows the stock is neither overbought nor oversold, leaving room for both upside and downside movements. The MACD is currently negative, signaling a slight downtrend, but the Awesome Oscillator has been positive, pointing towards potential upward momentum.

The stock has short-term support near 2,625, which aligns with recent lows, and a failure to hold this level could lead to further declines, with additional support near 2,491.80. On the upside, resistance lies around the 2,737.00 level, and a breakout above this could push the stock higher, testing the resistance near 2,923.90.

The volatility, as indicated by the ATR, remains relatively high, with recent values in the range of 487.80 to 645.93, which means sharp price movements are possible. Traders should be cautious but also stay alert for potential breakouts or reversals around these levels. The stock is currently at a crossroads, and either a break below support or a move above resistance could present new trading opportunities.