DEEPAKNTR : Potential recovery ahead

Technical Analysis of Deepak Nitrite Ltd. (DEEPAKNTR) - Daily Chart 📉📊

🚀 A detailed dive into the technicals of DEEPAKNTR to identify key levels, potential zones, and actionable insights for traders and investors!

Overview:
The daily chart of Deepak Nitrite highlights critical price zones, offering insights into strategic entry and exit points. Let’s decode the price action and trend!

Key Levels and Zones:

🔹 Current Price: ₹2,571.25 (-₹30.65 | -1.18%)

Support and Buying Zones:

1. 🟢 First Buy Zone (Optimal Trader Zone): ₹2,546 - ₹2,602
   
   Potential entry point for traders seeking short-term price movement.
   
2. 🟢 Second Buying Zone: ₹2,386 - ₹2,431
   
   Secondary entry level for long-term investors aiming for a safer risk-reward balance.
   

Target Zones:

1. 🎯 Options/Swing Target: ₹2,800 - ₹2,828
   
   Medium-term target for swing traders and options positions.
   
2. 🎯 Ultimate Target Zone: ₹3,018
   
   Indicates a significant bullish breakout if reached.
   

Stop Loss:

1. 🚫 Price: ₹2,261.20
   
   A critical level to invalidate the bullish setup, ensuring risk management.
   

📋 Additional Insights:

1. 📉 Change of Character (CHoCH):
   
   Two instances of CHoCH on the chart signal potential trend reversals or sentiment shifts.
   
2. 📊 Wave B Retracement Zone:
   
   Highlighted in gray, this zone marks a corrective phase, possibly consolidating before the next bullish impulsive move.
   

Educational Note:
Always focus on identifying key levels, setting a stop loss, and using technical indicators like CHoCH and retracement zones to enhance decision-making. Patience and discipline in trading can yield favorable results.

📢 Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Trading involves risk, and you should conduct thorough research or consult a financial advisor before making any decisions.

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