Deepak Nitrite hits record high; jumps 8% in two days

Deepak Nitrite jumped 6.35% to Rs 2,267, rising for the second trading session.

Shares of Deepak Nitrite have rallied 8.7% in two trading sessions from its previous closing low of Rs 2,084.95 on 26 August 2021. The stock hit a record high of Rs 2,278.50 in intraday today. The stock has rallied 241.7% from its 52-week low of Rs 663.4 hit on 31 August 2020.

On the BSE, 2.87 lakh shares were traded in the counter so far compared with average daily volumes of 46,351 shares in the past two weeks. The stock has outperformed the market over the past one month, rising 11.72% compared with 6.74% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 72.674. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1977.11 and 1861.81 respectively. These levels will act as crucial support zones in near term.

Deepak Nitrite is one of the leading suppliers of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.

The chemical maker's consolidated net profit jumped 205% to Rs 302.6 crore on a 126% rise in net sales to Rs 1,526.22 crore in Q1 FY22 over Q1 FY21.

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