Technical Analysis

D-Link India (₹87.1): Buy

Yoganand D BL Research Bureau | Updated on June 24, 2019 Published on June 25, 2019

The stock of D-Link India jumped 10 per cent with spurt in volume by more than 4.9 times on Monday. This rally provides investors with a short-term perspective an opportunity to buy the stock at current levels. Since taking support in the band between ₹65 and ₹68 in mid-February, the stock has been in medium-term uptrend. While trending up, the stock had decisively breached a key resistance at ₹80 in early March. Subsequently, this level turned into a significant support and has been providing base for the stock since then.

After a corrective decline over the last two weeks, the stock found support at ₹80 recently. Triggered by positive divergence, the stock reversed direction and surged breaching the 21-day moving average. The 200-day moving average also consistently provided base for the stock.

The daily relative strength index has entered the neutral region from the bearish zone. There has been an increase in daily volume over the past one week. The stock can extend the up-move and reach the price targets of ₹90.5 and ₹92.5 in the upcoming trading sessions. Buy the stock with a stop-loss at ₹85.

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

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