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Delta Corp shares have broken out from rectangle pattern and after making a recent high on 14th January 2022, it started correcting and halted near 250 levels which also coincide with strong demand zone on weekly chart, highlighted domestic brokerage and research firm HDFC Securities.
The stock recently has broken out from rectangle pattern on the daily time frame which suggests the previous uptrend could resume. Also, it has bounced from the crucial support level, the note stated.
“The stock of Delta Corp also took multiple support near lower band of Bollinger band on daily chart. Relative strength index (RSI) (14) on Daily chart has taken support of 40 level and now moving higher. Positive Divergence is observed on MACD (moving average convergence divergence) histogram," HDFC Securities added.
The brokerage firm has a Buy tag on Delta Corp shares with target price of ₹332-350, keeping a stop loss at ₹284 with time frame of upto three months. The stock has rallied over 75% in a year's period, whereas it is up more than 17% in 2022 (year-to-date or YTD) so far.
Delta Corp Limited is engaged in the casino (live, electronic and online) gaming industry in India. Incorporated in 1990 as a textiles and real estate consultancy company, it has evolved into a diversified segments like casino gaming, online gaming, hospitality and real estate.
As per the recent shareholding pattern on the BSE, Indian ace investor and stock market trader Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 4.31% and 3.18% respectively.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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