Deepak Nitrite hits record high; soars 21% in four days

Deepak Nitrite soared 12.3% to Rs 729.85, extending its winning streak to fourth consecutive trading session.

The stock has jumped nearly 21% in last four trading days from its previous closing low of Rs 603.70 on 18 August 2020. The counter hit a record high of Rs 738 today.

The counter has soared 184% from its recent 52-week low of Rs 256.95 on 23 August 2019.

The stock is currently trading above its 50-day, 100-day and 200-day simple moving averages placed at 557.68, 519.44 and 456.65 respectively.

On the technical front, the stock's RSI (relative strength index) stood at 74.265. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Deepak Nitrite makes 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.

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