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The stock of Delta Corp has been in a downtrend since April . The stock has been continuously falling over the last six weeks. The recent bounce from the low of ₹215.6 made last week failed to breach ₹245. The sharp 5.9 per cent fall on Wednesday indicates that the downtrend is intact and a fresh leg of fall has begun. The 21-day moving average (DMA) crossing well below the 200-DMA strengthens the bearish case. Intermediate support is at ₹210 which can be tested in the next few days. A break below ₹210 can target ₹195-₹190 in the next couple of weeks.
Resistance in the ₹240-₹245 region will continue to cap the upside incase of bounce if any. Traders can go short at current levels. Accumulate shorts at ₹238. Keep the stop-loss at ₹249. Trail the stop-loss down to ₹222 as soon as the stock falls to ₹214. Move the stop-loss further down to ₹212 as soon as the stock touches ₹207 on the downside. Book profits at ₹198. The stock will get a breather only on a decisive break above ₹245. Such a break, though less likely can take the price up to ₹260.
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