Delta Corp shares fell 35% in 2023; can they touch Rs 200 mark in short term?

Shares of Delta Corp Ltd have fallen 35% this year, with majority of losses occurring in the last six months. The stock of the gaming and casino player has declined 43% since mid-June. On the other hand, the 30-stock Sensex has gained 15.39% in 2023. On Wednesday, Delta Corp shares fell after four days of gains. The stock slipped 5.21% to Rs 138.10 against the previous close of Rs 145.70 on BSE. Market cap of the firm fell to Rs 3715.32 crore. Total 4.66 lakh shares changed hands amounting to a turnover of Rs 6.65 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. The stock has lost 36.69% in one year. Delta Corp stock has a one-year beta of 0.2, indicating very low volatility during the period.

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Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher said, “The stock has corrected well from the level of Rs 250, bottomed out at around Rs 125 levels, and made a recovery from thereon to close above the 50 EMA level of Rs 143. A decisive breach above the Rs 160 zone shall confirm the further rise, with indicators beginning to show strength. Further, upside targets can be expected until Rs 180 and at Rs 200 levels in the coming days. One can watch this stock with the near-term support at around Rs 125–130, below which the trend can turn weak.”

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."

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 61.5, signaling it's trading neither in the oversold nor in the overbought zone. Delta Corp shares are trading lower than the 5 day, 10 day, 20 day, 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.

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