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The stock of Delta Corp broke out of a critical resistance on Thursday, opening the door for further strengthening. Hence, traders looking for short-term opportunities can consider buying this stock.
While the stock rallied in November and December 2020, the uptrend lost fuel as the calendar turned and during the first two months of this year, it was largely trading within ₹145 and ₹165. The price band of ₹140 and ₹145 turned out to be a good demand zone against which the stock went up until ₹200 by mid-March. Thereafter, it faced considerable volatility i.e., it declined towards the support band of ₹140 and ₹145 and again started rising and touched once again in early July.
A decline followed wherein the stock depreciated to ₹165 towards the end of August. But the stock started to build up momentum on the back of ₹165 and began accelerating upwards. Consequently, it breached the critical level of ₹200 and closed at ₹208.9, turning bullish. Thus, one can buy with stop-loss at ₹200 for a target of ₹225.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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