Nandrolone has very strong mental side effects for me. It makes me lethargic, moody, almost depressed. I have intrusive negative thoughts and then I ruminate on these thoughts. I've never experienced depression or intrusive thoughts otherwise.
I have a bit of a love/hate relationship with ND because I love how it makes my shoulders and elbows feel, but can't stand the mental sides. When I come off ND, the dark cloud lifts. Whenever I restart ND, the dark cloud eventually settles back in. At this point I don't think I'll ever use it again, despite the benefits it provides in regards to joint pain.
I have always used it with Test, at nothing less than a 1:1 T:ND ratio. I have noticed that labs when using Test + ND tend to shower higher E2 than I normally see, but I'm not sure that it is E2 in isolation that causes these negative mental side effects as I've had similarly high E2 when using just Test, and did not have those mental issues.