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Investors with a short-term perspective can consider selling the stock of DLF at current levels. The stock fell 5.5 per cent with above average volume on Wednesday, breaking below a key support as well as 200-day moving average at ₹165 levels. Since recording a 52-high of ₹215 in mid-May, the stock has been in an intermediate-term downtrend, forming lower troughs and peaks. Key resistance at around ₹197 limited the stock’s rally in early September and the stock subsequently resumed its downtrend. Since then, it has been in a short-term downtrend.
While trending down, the stock emphatically breached its 21- as well as 50-DMAs and a key long-term support level of ₹180. The daily relative strength index feature in the bearish zone supports the stock's downtrend. The weekly RSI is on the brink of entering the bearish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the negative territory implying selling interest. Short-term outlook is bearish for the stock. It can continue to decline and reach the price targets of ₹154 and ₹150 in the coming trading sessions. Stop-loss can be placed at ₹163.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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