Todays Pick

Blue Dart Express (₹6,380.5): Buy

Akhil Nallamuthu BL Research Bureau | Updated on September 09, 2021

The stock of Blue Dart Express has been gaining since mid-August last year. But as it entered 2021, although the stock continued to produce gains, there was a considerable increase in volatility as it saw several price swings on both directions. Nevertheless, it crossed over the key level of ₹5,000 in March and touched ₹6,000 in by towards the end of May. But after briefly trading above ₹6,000, the stock saw a price decline. That is, it faced resistance at ₹6,135 and sellers capitalised it to drag the price lower. Consequently, it marked a low of ₹5,306 in August. Notably, ₹5,300 is a support and on the back of this, the scrip started a recover and again rallied past ₹6,000-mark last week.

Continuing the uptrend, the stock appreciated above ₹6,135, opening the door for further strengthening. Indicators like the relative strength index (RSI) and the Moving Average Convergence Divergence (MACD) on the daily chart are showing positive signs. The stock is likely to gain and so, traders can buy with stop-loss at ₹6,135 for a target to ₹6,725.

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

Published on September 09, 2021

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