F&O Buzzer: Bears pillage Deepak Nitrite ahead of its Q3 earnings
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On technical charts, the relative strength indicator (RSI) slid below 30 level. RSI is a momentum indicator used in technical analysis, and when it falls below 30 level, the stock is considered oversold and a bearish sign.
Speciality chemical maker Deepak Nitrite was under bears’ radar on February 7 ahead of the company’s earnings announcement scheduled later in the day.
Stock price fell over 4 percent with open interest surging by 26 percent during the day and volume rising 65 percent, a clear sign of short buildup, which is bearish in nature.
Near month futures of Deepak Nitrite traded down 5 percent to Rs 1732. It was at a discount to the spot price of Rs 1739.
On technical charts, the relative strength indicator (RSI) slid below 30 level. RSI is a momentum indicator used in technical analysis, and when it falls below 30 level, the stock is considered oversold and a bearish sign.
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