Deepak Nitrite Tests a Major Long-Term Support

is tied closely to the specialty and intermediate chemicals cycle, where margins can swing sharply with global demand, feedstock prices, capacity additions and downstream utilization. The long-term opportunity around import substitution and higher-value chemical manufacturing remains relevant, but the monthly chart shows that the stock is still working through a major corrective phase after the extraordinary rerating seen between 2017 and 2021. Price is near ₹1,561 and is trading below the monthly Ichimoku conversion line near ₹1,589, while the base line around ₹2,225 remains far above current price. The cloud ahead is also positioned above the stock, which keeps the broader trend under pressure. What makes the current area important is that ₹1,500–1,560 is close to the lower end of the multi-year consolidation that has developed since 2022. A decisive break below this region would weaken the long-term structure further, while holding it could allow another base-building attempt. On the upside, ₹1,590 is the first hurdle, but the chart would need to reclaim the ₹1,900–2,200 zone before the larger trend can be considered repaired.