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    Stock Radar: Deepak Nitrite breaks out from consolidation range of nearly 2 years; time to buy?

    In terms of price action, the stock is trading below the 5 and 10-DMA but above 30,50,100, and 200-DMA on the daily charts.

    Synopsis

    The stock picked up momentum after retesting the 50-week moving average in October 2023, which helped it hit a fresh 52-week high in January 2024. The stock hit a fresh 52-week high of Rs 2,520 on 1st January 2024 but quickly witnessed some healthy profit-taking at higher levels. However, any dips towards Rs 2,400 could be used as a buying opportunity.

    Deepak Nitrite, a part of the speciality chemical space, broke out from a consolidation range of nearly 2 years on the weekly charts, which has now opened room for the stock to head towards Rs 2,850 level, suggested experts.Short-term traders can look to buy the stock on any dips towards Rs 2,400 level, they maintained.The speciality chemical stock has been moving in a narrow range since April 2022 where Rs 2,389 acted as a stiff resistance on
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    The Economic Times