Multibagger stock: Stock market investors looking for multibagger stocks for 2022 are busy finding quality stocks that are available at discounted price after the recent bloodbath. For such investors of the secondary markets, Deepak Nitrite can be a good bet in long term, say experts. Stock market experts said that the stock has shed a lot and there can be sharp rebound in the counter from lower levels, once there is trend reversal in the markets. This chemical stock is one of the multibagger stocks in 2021 that have delivered stellar return to its shareholders in long term.

Deepak Nitrite share price history

For last six months, this multibagger stock has been under selloff heat. In last one month, Deepak Nitrite share price has come down from around Rs2660 to Rs2058 levels, sliding near 22 per cent in this time whereas in last 6 months, it has lost around 4 per cent. In year-to-date time, this chemical stock has plummeted from rs2530 to rs2058, losing near 19 per cent in 2022. Despite such huge selloff by shareholders, the stock has delivered 75 per cent return to its shareholders in last one year. In last 5 years, the multibagger stock has risen from Rs103.65 to Rs2058 apiece levels, logging near 1900 per cent in this period.

Similarly, in last 10 years, this multibagger chemical stock has surged from Rs15.21 levels (close price on 17th February 2012 on NSE) to Rs2058 levels (close price on 14th February 2022 on NSE), appreciating around 135 times in this time span.

Impact on investment

Taking cue from Deepak Nitrite share price history, if an investor had invested Rs1 lakh in this chemical stock one month ago, its Rs1 lakh would have turned to Rs78,000 today whereas it would have turned to Rs96,000 in last 6 months. If an investor had invested Rs1 lakh in this stock one year ago, its Rs1 lakh would have turned to Rs1.75 lakh today. Likewise, if an investor had invested Rs1 lakh in this multibagger chemical stock 5 years ago and had remained invested in the counter till date, its Rs1 lakh would have turned to Rs20 lakh today.

Similarly, if an investor had invested rs1 lakh in this multibagger stock 10 years ago buying one stock at Rs15.21 levels and had remained invested in the scrip throughout this period, its Rs1 lakh would have turned to Rs1.35 crore today.

Deepak Nitrite share price prediction

However, stock market analysts are still bullish on the counter as they believe the stock can give sharp rebound from tis lows in the case of trend reversal in the secondary market.

On day trading stocks to buy today; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock has been under profit-booking pressure as it has delivered stellar return to its shareholders post first wave of Covid-19 selloff. However, the stock is now looking positive on chart pattern and it may bounce back from its recent lows. I suggest fresh entry in the scrip at current levels for near term targets of Rs2100 and Rs2200 maintaining stop loss at Rs2000 apiece levels."

More about Deepak Nitrite shares

After scaling to its life-time high of Rs3020 per share in October 2021, this one of the multibagger stocks in 2021 has been under selloff pressure, especially after the weak quarterly results in chemical segment. This life-time high of Deepak Nitrite shares is its 52-week high as well whereas 52-week low of Deepak Nitrite share price is 1131 apiece levels on NSE. Its current market capital is Rs28,140 crore whereas it P/E ratio is 25.76. Its dividend yield is 0.22 per cent.