Comments
Investors with a short-term horizon can sell the stock of DLF at current levels. The stock tumbled almost 5 per cent accompanied by an above average volume breaching a key support at ₹180. Since encountering a key resistance at ₹273 in January this year, the stock has been in an intermediate-term downtrend. Both the medium and short-term trends are also down.
In early May, the stock decisively breached its 200-day moving average and has been trading well below it since then. Moreover, the stock trades way below its 21- and 50-day moving averages. The daily as well as weekly relative strength indices feature in the negative territory. The stock has plummeted 9 per cent this week, strengthening the downtrend. Both the daily and weekly price rate of change indicators feature in the bearish zone implying selling interest.
The short-term outlook is bearish for the stock. It can continue to decline and reach the price targets of ₹164 and ₹160 in the ensuing trading sessions. Traders can sell the stock with a stop-loss at ₹174.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
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.