HDFC Securities recommends buying this stock from Rakesh Jhunjhunwala’s portfolio, sees upside in 3 months
Delta Corp shares broke out of the rectangular pattern and after hitting a recent high on January 14, 2022, they started to correct and stopped at nearly 250 levels, which also coincides with an area of strong demand on the market. weekly chart, national brokerage and research firm HDFC Securities pointed out.
The stock recently broke from the rectangular pattern on the daily timeframe, suggesting that the previous uptrend may resume. Also, it has bounced off the crucial support level, the note says.
“Delta Corp stock also took several supports near the lower Bollinger Band on the daily chart. The Relative Strength Index (RSI) (14) on the daily chart supported the 40 level and is now moving upwards. A positive divergence is seen on the MACD (Moving Average Convergence Divergence) histogram,” HDFC Securities added.
The brokerage firm has a buy tag on Delta Corp stock with a target price of ₹332-350, keeping a stop loss at ₹284 with a delay of up to three months. The stock has rebounded more than 75% in a one-year period, while it is up more than 17% in 2022 (year-to-date or year-to-date).
Delta Corp Limited is engaged in the casino gaming industry (live, electronic and online) in India. Incorporated in 1990 as a textile and real estate consultancy, it has evolved into diversified segments like casino games, online games, hospitality and real estate.
According to the recent BSE shareholding model, Indian investor and stock trader Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala own 4.31% and 3.18% respectively.
The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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