Delhivery, Craftsman Automation: Strategies for stocks amid block deals

Shares of Delhivery and Craftsman Automation may rise up to 15% and 12%, respectively, show technical charts

Shares of Delhivery, Shilpa Medicare, Craftsman Automation, Sansera Engineering and Bright Outdoor Media have seen heavy bulk deals on Thursday, wherein the price moves require a relook to identify the next possible trend.

On Friday, Shilpa Medicare, Craftsman Automation traded on a positive note, while Delhivery and Bright Outdoor Media witnessed sluggish trend.

Here’s the technical outlook for stocks witnessing bulk deals:-

Delhivery Ltd (DELHIVERY)

Likely target: Rs 440

Upside potential: 15%

Shares of Delhivery have broken out of the “Inverse Head and Shoulder” pattern, implying a rally towards Rs 440. The stock is attempting to sustain over the key average of the 200-day moving average (DMA) placed at Rs 382 level. 

Following support exists at Rs 363, its 50-DMA; which needs to be contemplated on the closing basis. The underlying trend appears optimistic, with price action experiencing bullish momentum on healthy declines. CLICK HERE FOR THE CHART

Shilpa Medicare Limited (SHILPAMED)

Outlook: Needs to cross the 200-DMA

Shares of Shilpa Medicare are in a downward trend since early 2022. While the stock is merely down 6 per cent so far in this year, it has tumbled 50 per cent in 2022. 

To overcome the bearish bias, the stock must leap over the significant 200-DMA, currently set at Rs 283-mark. Only upon then, the trend could witness some bullish sentiment to Rs 350. Support for the current trend exits at Rs 225-level. CLICK HERE FOR THE CHART

Craftsman Automation Ltd (CRAFTSMAN)

Likely target: Rs 4,500

Upside potential:  12.5%

The underlying trend of the Craftsman Automation shares continues to see higher level, with robust positive tilt. The stock has progressively risen to Rs 4,000 and is witnessing momentum for further upside to Rs 4,500-level. 

The stock has broken out of Rs 3,700-mark, its earlier major hurdle, as per the daily chart. Immediate support for the current trend exists at Rs 3,800. CLICK HERE FOR THE CHART

Sansera Engineering Ltd (SANSERA)

Likely target: Rs 950

Upside potential:  10%

Post surpassing the major barrir of Rs 840, the stock has displayed a strong upward bias. There is a volume surge during the rally, which further confirms the interest of market participants. 

The counter continues to see bullish momentum in the overbought territory of the Relative Strength Index (RSI), suggesting positive momentum to emerge on declines. The support comes to Rs 830, with price action denoting a rally to Rs 950 level. CLICK HERE FOR THE CHART

Bright Outdoor Media Ltd

Likely target: Rs 68,000

Upside potential:  8%

Bright Outdoor Media has a breakout of “Golden Cross”, suggesting positive upside to Rs 68,000 level, as per the daily chart. The support for the current bias exists at Rs 61,500-level. 

The underlying trend suggests “Higher High, Higher Low”, formation, which continues to see positive action. The 50-DMA is at Rs 61,698, also serves as support.  CLICK HERE FOR THE CHART