Today's Pick

Delta Corp (₹182)

Yoganand D BL Research Bureau | Updated on January 09, 2018 Published on August 23, 2017

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The stock of Delta Corp jumped 5.5 per cent with above-average volume on Wednesday, decisively breaking above a key resistance level of ₹175. Since the December 2016 low of ₹94.8, the stock has been on an intermediate-term uptrend. After a corrective decline, the stock found support at around ₹140 and resumed its uptrend in mid-May 2017. The stock has been in a medium-term uptrend since then. It is trading well above its 21- and 50-day moving averages. The recent break above the key resistance level of ₹175 has strengthened the stock’s medium-term uptrend. Over the last three trading sessions, there has been an increase in daily volumes. The daily as well as weekly relative strength indices have entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators are hovering in the positive territory implying buying interest. The short-term outlook is bullish for the stock of Delta Corp. Traders with a short-term perspective can consider buying the stock with stop-loss at ₹178. Short-term price targets are ₹190 and ₹193 levels.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on August 23, 2017
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