Delta Corp shares gain 7%, rise for fourth straight session; what should investors do?

Shares of Delta Corp rose over 7% today, gaining for the fourth straight session amid a rally in the broader market. Delta Corp shares climbed 7.28% to Rs 152.40 against the previous close of Rs 142.05 on BSE. Market cap of the firm climbed to Rs 3936.24 crore in Tuesday’s session. Total 25.79 lakh shares changed hands amounting to a turnover of Rs 38.36 crore on BSE.

The stock of the gaming and casino firm hit its yearly low of Rs 124.60 on October 16 and a 52 week high of Rs 259.95 on June 28, 2023.

However, the stock has lost 33.65% in one year and fallen 31.69% per cent since the beginning of this year. Delta Corp stock has a one-year beta of 0.2, indicating very low volatility during the period.

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Abhijeet from Tips2trades said ,"Delta Corp is bullish on the Daily charts with next resistance at Rs 158. Investors can hold buy positions keeping a stop loss of daily support of Rs 142."

Gaurav Bissa, Vice-President, InCred Equities said, "Delta Corp has been in formation of lower highs and lower lows on weekly charts which is a sign of a downtrend. The stock has recently witnessed a bullish MACD crossover on weekly charts which can push it towards Rs 165-170 levels. This is where the previous swing low breakdown was seen and a breakdown gap was seen which may get filled."

Vaibhav Kaushik, Research Analyst, GCL Broking said, "We believe the stock has resistance at 185 and support near 125, and that it can trade in this range for a long time.”

Ravi Singh, Market Expert said, "Delta Corp is looking weak on technical charts and may show some correction in the coming days. The momentum indicators are in support of the selling and short term MAs are suggesting an immediate sell off in the counter. We may see the levels of Rs 135 in the Delta Corp stock in near term."

In terms of technicals, the relative strength index (RSI) of Delta Corp stands at 55.9, signaling it's trading neither in the oversold nor in the overbought zone. Delta Corp shares are trading higher than the 5 day, 10 day, 20 day, 50 day but lower than the 100 day, 150 day and 200 day moving averages.

Delta Corp is engaged in the operation of casinos. Its segments include real estate, gaming, hospitality and others. The company operates its gaming and hospitality businesses under the DELTIN brand. The company owns three casinos in Goa, including Deltin Royale, Deltin JAQK and Deltin Caravela.

Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as an investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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