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The outlook for the stock of DLF is bullish. Investors with a short-term perspective can consider buying it at current levels. The stock rose 2.9 per cent on Monday breaching key near-term resistances at ₹158 – the 50 per cent Fibonacci retracement level – and ₹160. The region between ₹160 and ₹158 will now act as a key support zone. An immediate rise to ₹170 is possible. A strong break above ₹170 can take the stock higher to ₹175 and ₹178 – the 61.8 per cent Fibonacci retracement resistance.
Short-term investors can go long. Stop-loss can be placed at ₹153 for a target of ₹175. Accumulate longs on dips near ₹160. Revise the stop-loss to ₹167 as soon as the stock moves up to ₹170. The 21-DMA at ₹152.5 is a key support level for the stock. The outlook will turn negative only if DLF declines below this level. The next target will be ₹145. But the price action on the charts suggests that a break and fall below the 21-DMA support (₹152.5) is unlikely.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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