Can I buy shares of D-Link at present for the short term?
BUY ONLY ABOVE RS 86.
D-Link (India) Ltd is currently trading at Rs 75.50. Its 52-week high/low stand at Rs 153.30/Rs 62.15 made on January 10, 2018 and October 8, 2018, respectively. The stock is consistently trading in the lower top, lower bottom sequence since January 2018. Since last five months, the stock is trading in a narrow range along with low volumes. However, recently, after building a strong base around Rs 67- Rs 70, the stock has managed to witness a sharp pullback. At present, the stock has reached near its resistance zone of Rs 83-Rs 86 as it is the confluence of 200day simple moving average and downward sloping trendline resistance formed by joining swing highs since April 24, 2018 on the daily time frame. For any further upside, the stock needs to close above the level of Rs 86. Considering the above factors, we recommend a Buy on D-Link only above Rs 86.