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Investors with a short-term perspective can buy the stock of Delta Corp at current levels. The stock gained 5 per cent accompanied with above average volume, breaking above a key resistance at ₹250, on Tuesday. The stock took support from the significant medium-term base in early October and began to trend upwards. Since then, the stock has been on a medium-term uptrend. But, the stock faced difficulty in surpassing the key resistance at ₹250 in the month of November.
The conclusive rally above the key barrier at ₹250 has strengthened the uptrend. Moreover, the stock has decisively breached its 200-day moving average and trades well above it. There has been an increase in daily volume over the past five trading sessions. The daily relative strength index has entered the bullish zone from the neutral region. Besides, the daily as well as weekly price rate of change indicators feature in the positive territory implying buying interest.
The short-term outlook is bullish for the stock. Targets are ₹267.5 and ₹273. Traders with a short-term view can buy the stock with a stop-loss at ₹251.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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