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HomeMoneyDeepak Nitrite has given a return of 160% so far this year,...

Deepak Nitrite has given a return of 160% so far this year, will the stock touch new heights in future?

Highlights

  • Market capitalization of Rs 33,284 crore
  • Growth in Revenue and Net Profit during the last five years
  • RSI in bullish zone at 61

New Delhi
Deepak Nitrite Limited is a chemical manufacturing company. The company deals in the Bulk Chemicals and Commodities (BCC), Fine and Specialty Chemicals (FSC) and Fluorescent Whitening Agent (FWA) segments. With a market capitalization of Rs 33,284 crore, it is one of the strongest companies in the sector. Fundamentals, it is a solid growth company. It has registered an increase in revenue and net profit during the last five years.

The stock has performed exceptionally well in the year 2021. It has given unprecedented returns of 160 per cent since January. In a short span of one month, the stock has given a return of 16 per cent. It has outperformed many companies of its kind.

rose more than five percent
The stock of this company is very bullish today, as it has increased by more than 5 percent. The stock has given a breakout from the consolidation pattern and is currently trading above its previous swing high. It trades above all short and long term moving averages and the RSI at 61 is in a bullish zone. Its rising volumes validate the bullish bias of the technical parameters.

expected to do business at a high level
Strong price action coupled with rising volumes in this stock. Given this, it is expected that the stock will trade higher in the coming days.

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