Delhivery Ltd Technical Momentum Shifts Amid Mixed Indicator Signals

Technical Momentum and Trend Overview

Delhivery’s current price stands at ₹429.15, slightly down from the previous close of ₹429.75. The stock has traded within a daily range of ₹422.00 to ₹431.05, remaining well below its 52-week high of ₹489.95 but comfortably above the 52-week low of ₹236.80. The recent technical trend has shifted from mildly bullish to sideways, signalling a pause in upward momentum and a potential consolidation phase.

Examining the Moving Averages on a daily timeframe reveals a mildly bearish stance, indicating that short-term price averages are trending lower relative to longer-term averages. This suggests some selling pressure or hesitation among traders. Meanwhile, the weekly and monthly Moving Average Convergence Divergence (MACD) indicators are mildly bearish, reinforcing the notion of subdued bullish momentum. The MACD, a key momentum oscillator, reflects the difference between short- and long-term moving averages and its mildly bearish reading suggests that the stock’s upward momentum is weakening.

RSI and Bollinger Bands: Divergent Signals

The Relative Strength Index (RSI), which measures the speed and change of price movements, shows no clear signal on both weekly and monthly charts. This neutrality implies that the stock is neither overbought nor oversold, leaving room for either a breakout or a breakdown depending on future market catalysts.

Conversely, Bollinger Bands present a more optimistic view. On the weekly chart, the bands are mildly bullish, while the monthly chart shows a bullish stance. Bollinger Bands measure volatility and price levels relative to recent averages; a bullish signal here indicates that the stock price is trending towards the upper band, suggesting potential upward price pressure and increased volatility.

Other Momentum Indicators: KST, Dow Theory, and OBV

The Know Sure Thing (KST) indicator, which aggregates multiple rate-of-change calculations, shows a bearish signal on the weekly chart but turns bullish on the monthly timeframe. This divergence suggests short-term weakness but longer-term strength, highlighting the stock’s mixed momentum profile.

Dow Theory readings also present a split view: mildly bullish on the weekly chart but mildly bearish on the monthly chart. This theory, which analyses market trends through price action and volume, indicates that while short-term price movements may be positive, the longer-term trend is less certain.

On the volume front, the On-Balance Volume (OBV) indicator is bullish on both weekly and monthly charts. OBV measures buying and selling pressure as a cumulative volume indicator, and its bullish readings suggest that accumulation is occurring despite price stagnation. This could be a positive sign for future price appreciation if buying interest sustains.

Performance Comparison with Sensex

Delhivery’s recent returns have outpaced the broader Sensex index over multiple timeframes. Over the past week, the stock declined by 3.41% while the Sensex gained 0.43%. However, over the last month, Delhivery surged 8.58% compared to a 0.24% decline in the Sensex. Year-to-date, the stock has returned 6.32%, outperforming the Sensex’s negative 1.81% return. Over the last year, Delhivery’s impressive 56.82% gain dwarfs the Sensex’s 9.85% rise.

Longer-term returns show a more nuanced picture. Over three years, Delhivery has delivered a 35.91% return, slightly underperforming the Sensex’s 37.89%. Five- and ten-year data are not available for Delhivery, but the Sensex’s 62.34% and 264.02% returns respectively provide a benchmark for comparison.

Mojo Score and Ratings Update

MarketsMOJO’s latest assessment assigns Delhivery a Mojo Score of 37.0, reflecting a Sell rating. This is an upgrade from the previous Strong Sell grade issued on 27 January 2026, signalling a slight improvement in the stock’s outlook. The Market Cap Grade remains low at 3, indicating limited market capitalisation strength relative to peers.

The downgrade in technical trend from mildly bullish to sideways, combined with mixed indicator signals, underpins the cautious stance. While some momentum indicators hint at potential upside, the overall technical picture remains fragile, warranting a conservative approach for investors.

Implications for Investors

Investors should approach Delhivery with caution given the current technical landscape. The mildly bearish daily moving averages and weekly/monthly MACD readings suggest that the stock may face resistance in sustaining upward momentum in the near term. The neutral RSI readings imply no immediate overbought or oversold conditions, which means the stock could remain range-bound without a clear directional bias.

However, the bullish OBV readings on both weekly and monthly charts indicate underlying accumulation, which could provide a foundation for a future rally if confirmed by price action. The divergence between short-term bearish KST and bullish monthly KST further emphasises the need for a longer-term perspective when considering this stock.

Comparatively, Delhivery’s strong year-to-date and one-year returns relative to the Sensex highlight its potential as a growth stock within the transport services sector. Yet, the sideways technical trend and mixed signals warrant a wait-and-watch approach, especially for risk-averse investors.

Valuation and Market Context

Delhivery operates in the transport services sector, a space characterised by evolving logistics demands and competitive pressures. The company’s market capitalisation grade of 3 reflects its relatively modest size compared to larger peers, which may contribute to higher volatility and sensitivity to market sentiment.

Given the current technical parameters and the recent upgrade from Strong Sell to Sell, investors should monitor key support levels near ₹420 and resistance around ₹440 closely. A sustained break above resistance with confirming volume could signal a return to bullish momentum, while a drop below support may trigger further downside.

Conclusion

Delhivery Ltd’s technical momentum has shifted into a more cautious phase, with mixed signals from key indicators such as MACD, RSI, moving averages, and volume-based measures. While the stock has demonstrated strong relative returns over the past year, the current sideways trend and mildly bearish short-term indicators suggest consolidation is underway.

Investors should weigh the bullish volume accumulation against the tempered momentum signals and consider broader market conditions before making fresh commitments. The recent upgrade in rating from Strong Sell to Sell by MarketsMOJO reflects this nuanced outlook, signalling potential but also caution.

For those tracking transport services stocks, Delhivery remains a name to watch, particularly if technical indicators align more decisively in the coming weeks.

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