The stock of Dolphin Offshore Enterprises India zoomed 8 per cent with good volume on Wednesday. Investors with a short-term perspective can consider buying the stock at current levels. Since taking long-term support at ₹85 in early June, the stock has been in a medium-term sideways consolidation phase of ₹85-130 levels. Within this range, the stock took support at ₹105 and started trending upwards.

The daily as well as weekly price rate of change indicators, have entered the positive territory implying buying interest. The relative strength index, which is on the brink of entering the bullish zone from the neutral region, indicates bullish momentum. The short-term outlook for the stock is bullish and it can extend the ongoing rally to reach the upper boundary in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹115. Targets are ₹122.5 and ₹125.

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

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