Deepak Nitrite Ltd's (DEEPAKN) technical analysis

Deepak Nitrite Ltd's (DEEPAKN) technical analysis shows daily price movements. Here's a summary of the key insights:

Price Action and Trend:

The stock price is consolidating within a triangular pattern, suggesting a possible breakout or breakdown in the future.
A strong support level is evident near ₹2,454.60.
Resistance is marked at multiple levels, with a highlighted "Strong Resistance Zone" around ₹3,023 to ₹3,150.
Fibonacci Levels:

Fibonacci retracement levels are drawn from a previous significant swing low to high:
0.5 Level: ₹3,023.50 (a key resistance level).
0.618 Level: ₹3,157.75 (another potential resistance zone).
Targets:

Target 1: ₹3,150.95 (based on Fibonacci 0.618 level).
Target 2: ₹3,594.70 (prior high or 1 Fibonacci level).
Target 3: ₹4,271.95 (extension at 1.618 Fibonacci level).
Strong Resistance Zone:

The shaded region indicates a historically strong resistance zone, where the price has struggled to break above in the past.
Outlook:

If the price breaks above the resistance zone, it could aim for Target 1 and potentially higher targets.
A breakdown below the triangle's lower trendline or ₹2,454.60 could lead to a bearish scenario.