The stock of DLF encountered a key long-term resistance around Rs.143 in early October and resumed its downtrend triggered by negative divergence in the daily price rate of change indicator.
Since then, the stock has been on a near-term downtrend. Investors with a short-term perspective can consider selling the stock at current levels.
On Thursday, the stock fell almost 3 per cent with good volume breaching its 50-day moving average and a key base level at Rs.124.
The stock appears to have resumed its intermediate-term downtrend. The daily relative strength index has entered the bearish zone and the weekly RSI is declining in the neutral region.
Further, the daily price rate of change indicator featuring in the negative zone implies selling interest. Overall, the outlook is bearish.
The stock can extend its decline and reach the price target of Rs.115.5 and Rs.113 in the ensuing trading sessions.
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