Delhivery loses momentum below 20-50 Days averages

closed near ₹423 and remains below the 20-day average around ₹429.7 and the 50-day average near ₹446.3. The latest move matters because the stock has now given up most of the September bounce and is again testing the lower end of its recent range. Delhivery is a direct play on India’s logistics and e-commerce fulfilment theme, where growth depends on parcel volumes, network utilisation, cost efficiency and the ability to convert scale into better operating leverage. The long-term opportunity remains intact, but the chart is currently showing weak follow-through. Price peaked above ₹520 in July and has since formed a sequence of lower highs. The break below both moving averages confirms that short-term momentum has shifted back toward sellers. My view is that ₹418 to ₹420 is now the first support zone to watch. If that fails, the chart can revisit ₹405 to ₹410. On the upside, price first needs to reclaim the 20-day average near ₹430, while a stronger reversal would require a move back above ₹445 to ₹450. Until that happens, the trend remains corrective and rallies are likely to face supply.