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Delta Corp jumped 9 per cent with above average volume, emphatically breaking its medium-term downtrend line on Monday. This change in trend on the stock provides buying opportunity for traders with a short-term perspective. The stock’s medium-term downtrend which started from the peak of 112 marked in late May came to a halt at ₹77 on July 11. Subsequently, the stock began trending higher backed with good volumes. Its recent rally has conclusively breached the 21- and 50-day moving average strengthening the short-term uptrend. Also, the stock has breached its immediate resistance at ₹91.
The daily relative strength index on the chart has recovered from the oversold territory and is on the brink of entering the bullish zone. Our short-term outlook on the stock is bullish. It can extend its rally and reach our price target of ₹100 and ₹102 in the coming sessions. Buy the stock while maintaining a stop-loss at ₹93.8.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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