Short-term traders can look to buy the stock on decline up to Rs 4,000 levels, a crucial support and also closer to the neckline area of the inverse Head and shoulder pattern. An Inverse Head and shoulder pattern is the mirror image of the Head and Shoulder pattern and is a bullish signal.
Deepak Nitrite stock has experienced a notable breakthrough, surpassing a horizontal trendline on the daily scale. This breakthrough was not only characterized by a substantial increase in trading volume, indicating strong market participation, but also accompanied by the formation of a sizable bullish candle on the breakout day.