Key Events This Week
19 Jan: Mojo Grade upgraded from Strong Sell to Sell
20 Jan: Sharp open interest surge amid bearish price action
22 Jan: Open interest rises 15.7% with price rebound
22 Jan: Technical momentum shifts to sideways trend
23 Jan: Open interest surges 21.0% amid mixed price signals
Monday, 19 January: Modest Start Amid Market Weakness
Delhivery opened the week at ₹401.70, a slight gain of 0.04% from the previous Friday close of ₹401.55. The stock traded with low volume of 28,417 shares, while the Sensex declined 0.49% to 36,650.97. This modest outperformance was short-lived as broader market weakness set the tone for the week.
Tuesday, 20 January: Mojo Grade Upgrade and Sharp Price Drop
On 20 January, Delhivery’s Mojo Grade was upgraded from Strong Sell to Sell by MarketsMOJO, reflecting improved technical indicators despite mixed financials. However, the stock price fell sharply by 4.22% to ₹384.75 on heavy volume of 132,042 shares, underperforming the Sensex’s 1.82% decline. The downgrade in sentiment was overshadowed by a significant 14.2% surge in open interest in derivatives, signalling increased bearish positioning amid falling prices and subdued delivery volumes.
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Wednesday, 21 January: Continued Price Decline and Bearish Derivatives Activity
The downward trend persisted on 21 January, with Delhivery’s stock falling 1.70% to ₹378.20 on volume of 42,924 shares. The Sensex declined 0.47% to 35,815.26. Open interest remained elevated, with delivery volumes dropping 29.7%, indicating waning long-term investor interest. The stock traded below all major moving averages, reinforcing a bearish technical stance. The derivatives market activity suggested increased short positions, consistent with the recent downgrade and negative momentum.
Thursday, 22 January: Price Rebound and Mixed Technical Signals
Delhivery rebounded strongly on 22 January, gaining 3.16% to close at ₹390.15 on volume of 35,481 shares, outperforming the Sensex’s 0.76% gain. Open interest surged 15.7%, accompanied by a 56.2% increase in delivery volume, signalling renewed investor conviction. Despite this rally, technical indicators shifted from mildly bullish to a sideways trend, reflecting mixed momentum. The stock remained below key moving averages, and the Mojo Grade stayed at Sell, indicating cautious optimism amid ongoing volatility.
Friday, 23 January: Sharp Open Interest Surge Amid Subdued Price Action
On the final trading day of the week, Delhivery’s open interest jumped 21.0% to 20,894 contracts, with volume reaching 59,072 shares. The stock closed lower by 0.70% at ₹387.40, underperforming the Sensex’s 1.33% decline. Despite an intraday high of ₹403.40, the weighted average price suggested selling pressure at elevated levels. Delivery volume doubled compared to the five-day average, indicating active investor participation. The stock remained below all major moving averages, underscoring persistent technical weakness despite increased market activity.
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| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-19 | Rs.401.70 | +0.04% | 36,650.97 | -0.49% |
| 2026-01-20 | Rs.384.75 | -4.22% | 35,984.65 | -1.82% |
| 2026-01-21 | Rs.378.20 | -1.70% | 35,815.26 | -0.47% |
| 2026-01-22 | Rs.390.15 | +3.16% | 36,088.66 | +0.76% |
| 2026-01-23 | Rs.387.40 | -0.70% | 35,609.90 | -1.33% |
Key Takeaways
Technical Upgrade Amid Financial Challenges: The upgrade from Strong Sell to Sell on 19 January was driven by improved technical indicators such as a bullish weekly RSI and mildly bullish daily moving averages, despite ongoing financial losses and operational headwinds.
Volatile Price Movements: The stock experienced sharp declines early in the week, followed by a midweek rebound, but closed the week lower overall. Price action remained below key moving averages, signalling persistent technical resistance.
Derivatives Market Activity: Significant surges in open interest on 20, 22, and 23 January indicate heightened speculative and hedging activity. The mixed price and volume signals suggest a tug-of-war between bullish and bearish market participants.
Investor Participation: Delivery volumes fluctuated, with notable increases on 22 and 23 January, reflecting renewed investor interest beyond intraday trading. However, the overall sentiment remains cautious given the stock’s underperformance relative to the Sensex.
Sector and Market Context: Delhivery’s movements occurred amid broader market declines and sectoral headwinds in transport services, including regulatory and economic factors impacting logistics demand.
Conclusion
Delhivery Ltd’s week was characterised by a complex interplay of technical upgrades, volatile price swings, and active derivatives market participation. While the upgrade to a Sell rating reflects some improvement in technical momentum, the company’s financial challenges and persistent trading below key moving averages temper optimism. The sharp increases in open interest alongside mixed price action suggest that market participants remain divided on the stock’s near-term direction. Investors should continue to monitor technical levels, open interest trends, and sector developments closely to gauge potential shifts in sentiment and price momentum.
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