DLF stock is trading above all major moving averages. Considering DLF's strong performance and rising volume, these shares are quite attractive in the short to medium term.
DLF Limited (DLF) is involved in the real estate development business. Its primary business is the development of residential, commercial, and retail properties. 1,04,260 crore.
One of the leading companies in the real estate sector with a market cap. This stock (DLF) has given its investors about 60% return over the past year.
During this period it outperformed many of its competitors. Being the heavyweight in the Nifty Realty Index, it is the key driving force behind the Index Rally for the year 2021.
The stock's technical chart looks strong and shows a bullish feel. The stock rose nearly 3 per cent on Wednesday, outperforming its index. Also, trading above the previous swing high.
The stock has gained nearly 17% in 17 trading sessions. This implies a strong rise in the stock. The rally was supported by an increase in share volume and active participation by market players.
All-important moving averages above average
This bullish move was supported by the RSI who entered the bullish zone. Moreover, the MACD histogram is trading higher than the previous highs. This implies a strong momentum for the stock.
Today, the stock has crossed the 61.8% retracement level leading to Fibonacci. Thus, the next target level in the coming days will be around Rs 450.
Also, the stock is trading higher than all the major moving averages. Considering DLF's strong performance and increasing volumes, it can be said that it is quite attractive in the short and medium term.
