Delhivery stock has begun the week on a strong note by surging about 4 per cent on Monday. The outlook is bullish. The rise on Monday, the stock well above the key resistance level of ₹420. The region between ₹425 and ₹420 will now act as a strong support zone and limit the downside if there is an intermediate dip. Moving average cross-over in the chart is also strengthening the bullish case. Delhivery share price can rise to ₹465 in the next few weeks.
Traders can go long now at ₹432. Accumulate on dips at ₹427. Keep the stop-loss at ₹416 initially. Trail the stop-loss up to ₹438 as soon as the stock moves up to ₹445. Move the stop-loss further up to ₹448 when the price touches ₹455. Exit the long positions at ₹460.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)