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The stock of DLF has plunged 10 per cent in the past two trading sessions painting a bearish picture. Investors with a short-term perspective can consider selling the stock at current levels. After a sharp rally in early March, the stock met with a significant long-term resistance at ₹180. It failed to surpass this level in spite of multiple attempts amid strong volumes. On Wednesday, the stock fell more than 4.7 per cent breaching an immediate support at ₹165.
The stock’s short-term trend has turned bearish. With the next key support at ₹145, this bearish momentum can persist in the ensuing trading sessions. Backing this, the daily indicators such as relative strength index and price rate of change have entered the bearish zone. The short-term forecast for the stock is bearish. It can continue its slideand reach the price target or ₹151.5 or ₹148 levels in the short term. Sell the stock with a stop-loss at ₹161.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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