Deepak Nitrite: Elliott Wave Analysis

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 Deepak Nitrite 60 mins chart


Deepak Nitrite was one of the stocks which had given fabulous returns in past two years. However, it seems that the upside move is halted and profit booking can be seen. Prices after making an all time high of 3016 has dipped 1808 which is 40% from ATH also it has arrived now to crucial resistance of the falling channel and there are high chances that it can falter from here. With the help of Elliott Wave Analysis, prices are bound to plunge from current levels.

As per Wave analysis, prices are moving in double correction (a-b-c-x-a-b-c) where it has completed wave x in a simple zigzag and wave a on the downside has started which can go till 1800 levels or even lower than that.

The summation is Deepak Nitrite can sin to the level of 1800-1750 levels over short term with the resistance placed at 2400.

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