Synopsis
The stock, despite hitting a 52-week high in August, couldn’t sustain the momentum and retreated, finding support at the 50-DMA. However, it recently broke out of a 3-year consolidation, overcoming the 2,700 resistance level which had previously acted as a significant barrier. This breakthrough signals a potential shift in the stock’s trajectory. While it currently trades above this crucial level, investors should remain watchful as the market continues to evolve.
Deepak Nitrite Ltd, a part of the speciality chemical space, has rallied by about 30% in the last 3 months and is trading above the neckline of a 3-year consolidation, which is now acting as crucial support.Short-to-medium-term traders can look to buy the stock on dips for a target above 3,400 levels in the next 1-2 months, suggested experts.The stock hit a 52-week high of Rs 3,168 on August 1, 2024, but failed to hold on to the momentum. It
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