The outlook for the stock of Delta Corp is bearish. The stock had declined sharply by 4.75 per cent on Wednesday. This has dragged Delta Corp well below the key support levels of ₹218 and ₹214 – the 100-Day Moving Average (MA). The close below the 100-Day MA strengthens the bearish case for seeing more fall from here. The levels of ₹214 and ₹218 will now act as a strong resistance and cap the upside. Delta Corp can fall to ₹190-185 over the next couple of weeks. Traders can go short at the current levels. Accumulate shorts at ₹213. Keep a stop-loss at ₹222. Trail the stop-loss down to ₹206 as soon as the stock falls to ₹201. Move the stop-loss lower to ₹198 when Delta Corp declines to ₹194. Exit the short positions at ₹190.
Note: The recommendations are based on technical analysis. There is risk of loss in trading
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.