Shares of Deepak Nitrite have held out against the market volatility over the past two weeks. As against a per cent decline in the frontline S&P BSE Sensex, the stock has jumped nearly 23 per cent during the period. Over the past six months, the stock has clocked a massive 135 per cent rally compared with a 27 per cent gain in the Sensex index. And analysts see more upside to the rally. “We believe Deepak Nitrite’s stellar stock performance over the past two years has been driven by the firm’s proactive strategy of pushing for ‘Make In India’, even before the formal policy was instituted by the government by consistently tapping into growth opportunities including import substitution avenues,” says Suvarna Joshi, senior research analyst at Axis Securities.