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Investors with a short-term perspective can buy the stock of Dolphin Offshore Enterprises (India) at current levels. Since March 2016 the stock has been on a sideways consolidation phase in the broad range between ₹80 and ₹112. In early November, the stock tested the lower boundary at ₹80 and bounced back. Since then, it has been on a short-term uptrend. On Thursday, the stock gained 6 per cent and has decisively moved out of the sideways consolidation phase. The stock has so far gained 16.8 per cent this week, emphatically breaching the key resistance at ₹112. It trades well above its 50 and 200-day moving averages. There is an increase in daily volume over the past five trading session. The daily relative strength index is featuring in the bullish zone and the weekly RSI has entered this zone from the neutral region. Moreover, buying interest is seen as the daily as well as weekly price rate of change indicators are featuring in the positive territory. The short-term outlook is bullish . Targets are ₹126 and ₹130. Traders can buy the stock with a stop-loss at ₹118.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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