Deepak Nitrite Ltd - Breaking out of a 3-year consolidation

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Deepak Nitrite Ltd, part of the specialty chemical sector, has surged 30% in the last 3 months, breaking out of a 3-year consolidation. The stock is trading above a crucial support level, and experts suggest short-to-medium-term traders buy on dips for a target above ₹3,400 in the next 1-2 months.

After hitting a 52-week high of ₹3,168 on August 1, 2024, it retraced but found support at the 50-DMA and bounced back. The stock breached the key ₹2,700 resistance in July and has since held above it, closing at ₹2,941 on September 9, 2024.

Traders can view any dip towards ₹2,700 as a buying opportunity. Technically, it's trading below the 5-DMA but above the 10, 20, 30, 50, 100, and 200-DMAs. The RSI is at 53.2, indicating neutral momentum, while the MACD shows a bullish trend.

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