DEEPAK NITRITE LTD
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Deepak Nitrite Stock Chart


  • Ascending Channel: The stock has been trading within an upward-sloping channel since late 2023, making higher highs and higher lows, which indicates a strong long-term uptrend. The price recently tested the lower boundary of the channel and has shown signs of a rebound.
  • Triangle Breakout: A bullish breakout has occurred from a symmetrical triangle pattern, suggesting renewed upward momentum. The stock has surged by over 20.26% from the breakout point, confirming the pattern. The breakout targets are around ₹3,562 based on the height of the triangle projected from the breakout.
  • MACD: The MACD indicator shows a bullish crossover, with the MACD line crossing above the signal line, which is a strong confirmation of positive momentum.
  • Key Support Levels:
  • ₹2,800: This level aligns with the lower boundary of the channel and has acted as strong support.
    ₹2,600: A previous low that provides additional support in case of any pullback.
  • Resistance Levels:
  • ₹3,095: A key resistance level to watch, previously tested and failed.
    ₹3,562: The price target projected from the breakout.
  • Volume: Volume has been rising since the breakout, further validating the upward move and adding confidence to the bullish outlook.
  • Conclusion:
  • With the recent breakout and strong upward momentum, Deepak Nitrite shows a bullish trend. Investors should watch for a retest of support levels near ₹2,800, while upside targets point to ₹3,562. The long-term trend remains positive as long as the stock holds within the ascending channel.
assendingchartpatternbullishtrendsChart PatternsdeepaknitriteTechnical IndicatorsmacdivergencestockbreakoutTechnical AnalysisTrend Analysis

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