Buy Delta Corp; target of Rs 114: GEPL Capital

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Buy Delta Corp; target of Rs 114: GEPL Capital

GEPL Capital is bullish on Delta Corp and has recommended buy rating on the stock with a target of Rs 114 in its July 1, 2011 research report.

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GEPL Capital is bullish on Delta Corp and has recommended buy rating on the stock with a target of Rs 114 in its July 1, 2011 research report.

"Nifty crossed the initial resistance level of 5600 & next strong resistance zone is placed between 5750 - 5800. This rally of 500 points in Nifty is seen in just 2 weeks & FMCG, Capital Goods sector stocks moved sharply upwards. Now, near 5700 level, a corrective trend or sideways movement may be seen. Some mid-cap stocks are showing strength on the charts and are likely to move upwards in this sideways phase of Nifty. This time, we are recommending Delta Corp on short term investment basis."

"The stock formed a bottom at 59 in Feb 2011 & started moving upward, crossing Rs 100 in the rally.On weekly chart, a Continuation Pattern between Rs 103 & 80 of the earlier move started from the bottom of 59 is visible as shown in the chart. The stock is now breaking out of this pattern on weekly closing basis and expected to move sharply upwards. On daily chart, high trading volumes and positive RSI are confirming the expected up-move of the stocks in coming days. As per Elliot Wave Theory, the current uptrend above Rs 105 can be labeled as 3rd dynamic wave and likely to gather a strong momentum after closing above Rs 105 levels. The 62% retracement support of the last rally from 81 to 105 is coming at 90 which is stop loss for this buying recommendation. The 1st target for this up trend is placed at Rs 114 and next target is at Rs 126 as per the target distance of the above-mentioned continuation pattern after a desired breakout."

"Buying is recommended in this stock between Rs 104 - 100 in cash segment with a stop loss of 90, for the targets of Rs 114 and 126 respectively. The time frame for this trading buying position is of 1 month. Partial profit booking is recommended at 1st target of Rs 114 and thereafter, the stop loss can be revised to Rs 102 levels for remaining buying position, till the next target is achieved at Rs 126," says GEPL Capital research report.

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To read the full report click on the attachment