Delhivery Ltd Technical Momentum Shifts Amid Mixed Indicator Signals

Technical Trend Overview and Momentum Analysis

Delhivery’s current price stands at ₹439.25, slightly above the previous close of ₹436.30, with intraday highs reaching ₹450.15 and lows at ₹433.40. The stock remains well below its 52-week high of ₹489.95 but comfortably above the 52-week low of ₹236.80, indicating a recovery trajectory over the past year. The technical trend has shifted from mildly bearish to sideways, signalling a pause in downward momentum and potential consolidation.

The Moving Average Convergence Divergence (MACD) indicator remains mildly bearish on both weekly and monthly charts, suggesting that while short-term momentum is subdued, there is no strong sell-off pressure. The Relative Strength Index (RSI) on weekly and monthly timeframes shows no clear signal, hovering in a neutral zone that neither favours overbought nor oversold conditions. This neutrality in RSI supports the sideways trend narrative, implying indecision among traders.

Moving Averages and Bollinger Bands Insights

Daily moving averages continue to reflect a mildly bearish outlook, with the stock price oscillating near key support levels. However, the Bollinger Bands on both weekly and monthly charts are bullish, indicating increased volatility with upward price pressure. This divergence between moving averages and Bollinger Bands suggests that while the medium-term trend is cautious, there is underlying strength that could fuel a breakout if confirmed by volume.

Supporting this, the On-Balance Volume (OBV) indicator is bullish on weekly and monthly scales, signalling that buying volume is outpacing selling volume. This accumulation phase often precedes upward price movements, reinforcing the possibility of a trend reversal or at least a sustained sideways consolidation before a decisive move.

Contrasting Signals from KST and Dow Theory

The Know Sure Thing (KST) indicator presents a mixed picture: bearish on the weekly timeframe but bullish on the monthly. This divergence highlights short-term caution against longer-term optimism. Meanwhile, Dow Theory assessments show a mildly bullish weekly trend contrasted by a mildly bearish monthly trend, further emphasising the stock’s current indecisiveness and the need for confirmation from other technical factors.

Such conflicting signals often indicate a market in transition, where investors await clearer catalysts or fundamental developments before committing decisively. For Delhivery, this could mean that while the transport services sector faces headwinds, the company’s operational performance and market positioning might be stabilising.

Performance Comparison with Sensex and Sector Context

Delhivery’s returns have significantly outpaced the broader Sensex benchmark across multiple periods. Over the past week, the stock surged 13.38% compared to Sensex’s modest 0.16% gain. Monthly returns stand at 8.51% versus a Sensex decline of 4.78%, while year-to-date gains are 8.82% against a 4.17% drop in the benchmark. Over one year, Delhivery has delivered an impressive 37.01% return, dwarfing the Sensex’s 5.37% rise.

Even on a three-year horizon, the stock’s 43.55% return surpasses the Sensex’s 36.26%, underscoring its relative strength within the transport services sector. However, the absence of five- and ten-year return data for Delhivery limits long-term trend analysis, though the Sensex’s robust 64.00% and 232.80% returns over those periods set a high bar for comparison.

MarketsMOJO Ratings and Quality Grades

MarketsMOJO has upgraded Delhivery’s Mojo Grade from Strong Sell to Sell as of 27 January 2026, reflecting a slight improvement in technical and fundamental outlooks. The current Mojo Score stands at 31.0, indicating weak momentum and caution for investors. The Market Cap Grade is a low 3, signalling limited market capitalisation strength relative to peers.

This rating adjustment suggests that while the stock is no longer in a severe downtrend, it remains vulnerable to volatility and lacks strong bullish conviction. Investors should weigh these ratings alongside technical indicators and sector dynamics before making allocation decisions.

Investor Takeaways and Outlook

Delhivery’s technical landscape is characterised by a delicate balance between bullish and bearish forces. The sideways trend following a mildly bearish phase suggests a consolidation period where the stock is digesting recent gains and losses. The bullish signals from Bollinger Bands and OBV provide a foundation for potential upward momentum, but the mildly bearish MACD and moving averages counsel caution.

Investors should monitor key support levels near ₹433 and resistance around ₹450 to gauge breakout or breakdown potential. A sustained move above the 52-week high of ₹489.95 would confirm a stronger bullish trend, while a fall below the recent lows could signal renewed selling pressure.

Given the mixed technical signals and modest Mojo Score, a cautious approach is advisable. Investors with a higher risk appetite may consider selective accumulation on dips, while conservative investors might await clearer confirmation of trend direction before increasing exposure.

Sector-wise, transport services continue to face challenges from fluctuating fuel costs and regulatory changes, which could impact Delhivery’s operational margins. However, the company’s relative outperformance against the Sensex and peers indicates resilience and potential for recovery if broader economic conditions improve.

Summary

Delhivery Ltd’s recent technical parameter changes reflect a shift from bearish momentum to a more neutral sideways trend, supported by bullish volume indicators but tempered by cautious moving averages and MACD readings. The upgrade in Mojo Grade to Sell from Strong Sell signals a modest improvement but still advises prudence. Investors should closely watch technical levels and sector developments to navigate the stock’s evolving momentum.

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