The share of Delta Corp has shown a breakout from the Rectangle Pattern. The stock corrected and stayed near the 250 levels after making a recent high on January 14, 2022. Which indicates a strong demand zone on the weekly chart. Domestic brokerage and research firm HDFC Securities has said so in its report.
The brokerage firm’s report said that the stock recently broke out of the rectangle pattern on the daily time frame, which suggests that the stock may resume its previous uptrend. Apart from this, it has jumped from its crucial support level.
HDFC Securities said “Delta Corp stock has also taken multiple support near the lower band of Bollinger Bands on the Daily chart. Relative strength index (RSI) (14) on the daily chart has taken support at 40 level and is now moving upwards. Positive divergence is seen on MACD (moving average convergence divergence) histogram . “
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The brokerage firm has given a buy rating on the shares of Delta Corp with a target of Rs 332-350 for a period of three months. In this, he has also placed a stop loss at Rs 284. The stock of Delta Corp has shown the stock gain more than 75% in the span of one year. Whereas in the year 2022 so far (Year-to-Date or YTD) has grown by more than 17%.
Delta Corp Ltd. is in the business of casino (live, electronic and online) gaming in India. The company was started in 1990 as a textile and real estate consultancy company. Later the company also ventured into various sectors such as casino gaming, online gaming, hospitality and real estate.
As per the recent shareholding pattern on BSE, Indian veteran investor and stock market trader Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala hold 4.31% and 3.18% respectively in the company.
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