Delhivery Ltd Shows Signs of Technical Rebound Amid Mixed Momentum Indicators

Technical Momentum and Price Action

Delhivery’s current market price stands at ₹435.50, marking a 4.05% increase from the previous close of ₹418.55. The stock touched an intraday low of ₹416.00 and a high of ₹435.50, approaching its 52-week high of ₹489.95, while comfortably above the 52-week low of ₹236.80. This price action signals renewed buying interest, supported by a shift in technical momentum from mildly bearish to mildly bullish.

The daily moving averages, however, remain mildly bearish, indicating that while short-term momentum is improving, the stock has yet to decisively break out of its recent consolidation phase. This divergence between price gains and moving average trends suggests cautious optimism among traders, who may be awaiting confirmation from other technical signals before committing to a sustained rally.

MACD and RSI: Divergent Signals

The Moving Average Convergence Divergence (MACD) indicator presents a mixed picture. On a weekly basis, the MACD is bullish, signalling upward momentum and potential for further gains. Conversely, the monthly MACD remains mildly bearish, reflecting longer-term caution. This divergence highlights the transitional phase Delhivery is currently navigating, where short-term strength is yet to fully translate into a sustained long-term uptrend.

Relative Strength Index (RSI) readings on both weekly and monthly charts show no clear signal, hovering in neutral territory. This lack of extreme RSI values suggests the stock is neither overbought nor oversold, providing room for either upward or downward movement depending on forthcoming market catalysts.

Bollinger Bands and On-Balance Volume (OBV) Confirm Strength

Bollinger Bands on both weekly and monthly timeframes are bullish, indicating that price volatility is expanding upwards and the stock is trending near the upper band. This technical setup often precedes continued price appreciation, as it reflects strong buying pressure.

Supporting this, the On-Balance Volume (OBV) indicator is bullish on both weekly and monthly charts, signalling that volume is confirming the price uptrend. Rising OBV suggests accumulation by institutional investors, which is a positive sign for the stock’s medium-term prospects.

Additional Technical Indicators: KST and Dow Theory

The Know Sure Thing (KST) indicator presents a split view: bearish on the weekly chart but bullish on the monthly chart. This again underscores the transitional nature of Delhivery’s technical profile, with short-term momentum lagging behind longer-term positive trends.

Dow Theory analysis reveals no clear trend on the weekly timeframe, while the monthly trend remains mildly bearish. This suggests that while the stock is showing signs of recovery, it has not yet fully convinced market participants of a sustained uptrend, especially over longer horizons.

Comparative Performance Against Sensex

Delhivery’s returns over various periods provide further context to its technical signals. Over the past week, the stock marginally underperformed the Sensex, with a return of -0.14% compared to the benchmark’s -0.98%. However, over the last month, Delhivery surged 8.45%, significantly outperforming the Sensex’s -0.14% return. Year-to-date, the stock has gained 7.89%, while the Sensex declined by 2.08%.

Over a one-year horizon, Delhivery’s impressive 62.83% return dwarfs the Sensex’s 9.81%, highlighting the company’s strong recovery and growth potential. However, over three years, the stock’s 32.61% return trails the Sensex’s 36.80%, indicating some volatility and periods of underperformance in the medium term.

Market Capitalisation and Analyst Ratings

Delhivery holds a Market Cap Grade of 3, reflecting its mid-tier market capitalisation within the transport services sector. Despite recent technical improvements, the company’s Mojo Grade was downgraded from Strong Sell to Sell on 27 January 2026, signalling that analysts remain cautious about the stock’s near-term prospects. The current Mojo Score of 47.0 further emphasises this cautious stance, suggesting that while technical momentum is improving, fundamental or sectoral headwinds may still weigh on the stock.

Outlook and Investor Considerations

Investors should note that while Delhivery’s technical indicators are showing signs of a positive shift, the mixed signals across different timeframes and indicators warrant a measured approach. The bullish weekly MACD and OBV, combined with supportive Bollinger Bands, suggest potential for further upside in the near term. However, the mildly bearish monthly MACD and Dow Theory trends, alongside the daily moving averages’ mild bearishness, indicate that the stock has not yet fully confirmed a sustained uptrend.

Given the stock’s strong recent returns relative to the Sensex, particularly over the past year, Delhivery remains an interesting candidate for investors seeking exposure to the transport services sector. However, the current Sell rating and moderate Mojo Score advise caution and suggest that investors should monitor upcoming earnings and sector developments closely before increasing exposure.

Summary

Delhivery Ltd’s recent technical parameter changes reflect a cautious but improving momentum profile. The stock’s transition from mildly bearish to mildly bullish technical trend, supported by bullish weekly MACD, Bollinger Bands, and OBV, indicates potential for further gains. However, mixed signals from monthly indicators and daily moving averages, combined with a Sell Mojo Grade, suggest that investors should remain vigilant.

Comparative returns show Delhivery outperforming the Sensex over the medium term, particularly over one year and year-to-date periods, reinforcing the stock’s growth credentials. Yet, the stock’s moderate market cap and sector-specific challenges temper enthusiasm, making it a candidate for selective accumulation rather than aggressive buying.

Overall, Delhivery’s technical and fundamental profile presents a nuanced picture, where improving momentum must be balanced against lingering caution. Investors would be well advised to track upcoming earnings reports and sector developments to better gauge the sustainability of the current positive trend.

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