Deepak Nitrite a Multibagger stock positive on technical chart pattern

Multibagger stock: On technical chart pattern, Deepak Nitrite looks positive and it's going to go up to ₹2,400 per stock level in the next 2 months, say experts. 

In the stock market, money isn't in buying and selling, but in the hold. 

A glaring example of this is often Deepak Nitrite shares. The chemical stock shot up from ₹18.50 per stock mark (closing price at NSE on 26th August 2011) to ₹2055 (closing price at NSE on 23rd August 2021) in around 10 years — delivering quite 11,000 percent return to its shareholders during this period. 

However, if we pass the market experts, they still see some more gain within the stock. Deepak Nitrite share price has delivered around 7 percent return to its shareholders within the last one month while within the last six months; the chemical stock has given around 55 percent return. 

It is one among the multi-bagger stocks in 2021 in India because it has given around 172 percent return to its shareholders within the last one year. In the last 5 years, Deepak Nitrite shares have yielded around 1940 percent return to the investors. However, for those that invested during this stock 10 years ago and remained invested within the counter throughout this era, their return is quite 11,000 percent as the stock shot up from ₹18.50 per stock mark to ₹2055 per stock level. 

Impact on investment 

Taking a cue from Deepak Nitrite share price history, if an investor had invested ₹1 lakh during this stock one month ago, its ₹1 lakh would become ₹1.07 lakh today. If the investor had invested ₹1 lakh during this chemical counter six months ago, its ₹1 lakh would become ₹1.55 lakh today. Similarly, if the investor had invested ₹1 lakh one year ago its ₹1 lakh would have become ₹2.72 lakh. However, if an investor had invested ₹1 lakh in this stock 5 years ago, its ₹1 lakh would have become ₹20.40 lakh today and this ₹1 lakh would have become ₹1.11 crore if the investment was done 10 years ago. Expecting further rise in Deepak Nitrite shares;

 Mudit Goel, Senior Research Analyst at SMC Global Securities said, "On technical chart pattern, Deepak Nitrite looks positive and it's going to go up to ₹2,400 per stock levels in next 2 months. However, one must maintain the strict stop loss at ₹1960 while taking position during this counter and maintain buy on dips till the stock is above ₹2000 per stock mark." The research team of Motilal Oswal has also predicted further rise within the counter giving next Deepak Nitrite share price target of ₹2,350.

Deepak Nitrite