Real estate developerHistorical case study · data as of 06 Jul 2026 · published 09 Oct 2026 (95 days later)
DLF — 100-point case study
How DLF looked on 50 technical and 50 fundamental measures on 06 Jul 2026 — and what happened over the next three months. Education only; not a current view.
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: Daily prices for September–October 2026 come from stockanalysis.com and EquityPandit because Yahoo Finance rate-limited the last window; the series ends on 6 Oct 2026.
Technical analysis — 50 points
Calculated by code from daily prices up to 06 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Trend
#
Point
Reading
Tag
Commentary
1
Short-term trend (20 days)
slope +0.80%/day
Bullish
Over the last 20 sessions the regression line of closing prices was rising about 0.80% a day — a short-term uptrend.
Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2
Medium-term trend (~5 months)
3M return +32.1%
Neutral
The 100-session trend line was up (+0.01%/day) and the stock was +32.1% over three months, so the medium-term picture was neutral.
Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3
Long-term trend (1 year)
1Y return -19.5%
Bearish
Compared with a year earlier the price was -19.5%. A weak year for the stock.
Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4
Weekly chart trend
10W 611.21 / 30W 610.55
Bullish
On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack.
Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5
Swing structure (highs/lows)
last highs 607.90→644.00; lows 553.80→555.50
Bullish
The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure.
Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6
ADX (14) — trend strength
25.1
Bullish
ADX at 25.1 shows a trend of moderate strength. ADX measures strength only, not direction.
Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7
+DI vs –DI
+DI 37.4 / –DI 13.8
Bullish
+DI was above –DI: upward price pressure outweighed downward pressure.
Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.
B. Moving averages
#
Point
Reading
Tag
Commentary
8
Price vs 20-day SMA
617.63 (+9.0%)
Bullish
Close of 673.30 was 9.0% above the 20-day SMA — the short-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
9
Price vs 50-day SMA
600.06 (+12.2%)
Bullish
Close of 673.30 was 12.2% above the 50-day SMA — the medium-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
10
Price vs 200-day SMA
655.01 (+2.8%)
Bullish
Close of 673.30 was 2.8% above the 200-day SMA — the long-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
11
9 / 21 EMA crossover
9E 646.03 / 21E 625.26
Bullish
The 9-day EMA was above the 21-day EMA; the last crossover happened on 15 Jun 2026.
The 50-day average was 8.4% below the 200-day. No 50/200 crossover occurred in the data window.
Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13
50-day SMA slope
+4.4% in 20 sessions
Bullish
The 50-day average rose 4.4% over the past month — rising.
Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14
MA ribbon alignment
618 / 600 / 593 / 655
Neutral
The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range.
Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15
Monthly anchored VWAP
661.77 (+1.7%)
Bullish
Anchored to the start of July, the volume-weighted average price was 661.77; the close was above it — buyers that month were on average in profit.
Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.
C. Momentum
#
Point
Reading
Tag
Commentary
16
RSI (14)
69.4
Bullish
RSI at 69.4 showed positive momentum without being overbought.
Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17
RSI divergence (last 40 days)
none
Neutral
Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18
MACD line vs signal
MACD 19.18 / signal 13.27
Bullish
MACD was above its signal line — momentum turning or staying positive.
Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19
MACD histogram (5-day change)
1.19 → 5.92
Bullish
The histogram rose over the last five sessions, meaning momentum was improving.
Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.
D. Volatility
#
Point
Reading
Tag
Commentary
25
Bollinger Band position (%B)
%B 0.91 (bands 549.75–685.50)
Neutral
%B of 0.91 — inside the bands, upper half.
How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26
Bollinger width / squeeze
width 22.0% (87th pct of 6M)
Neutral
Band width was at the 87th percentile of the last six months, so volatility was elevated.
How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27
ATR (14)
₹18.18 (2.7% of price)
Neutral
A typical day's range was about ₹18.18, or 2.7% of the price — useful for judging how much 'normal noise' to expect.
How to read: Information only. A higher % means bigger normal daily swings.
28
Historical volatility (30-day)
32.7% vs 1Y 28.4%
Neutral
Annualised 30-day volatility was 32.7%, close to the one-year level of 28.4%.
How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29
Keltner Channel (20, 2×ATR)
589.93–663.03
Bullish
The close was above the upper channel — a strong trending push.
Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30
Beta vs Nifty 50 (1Y daily)
1.69
Neutral
A beta of 1.69 means the stock tended to move more than the Nifty 50 day to day.
How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.
E. Volume & money flow
#
Point
Reading
Tag
Commentary
31
Volume vs 20-day average
last day 1.43× / 5-day 1.20×
Neutral
The final session traded 1.43× its 20-day average volume and the last five sessions averaged 1.20× — heavier than usual participation.
How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32
Up-day vs down-day volume (20d)
ratio 1.49
Bullish
Average volume on up days was 1.49× that on down days — accumulation-leaning.
Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33
On-Balance Volume (20d)
OBV rising
Bullish
OBV rose over the month while price rose — volume confirmed the price move.
About ₹280 crore changed hands per day on average over 20 sessions — liquid.
How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.
F. Price levels
#
Point
Reading
Tag
Commentary
38
Support levels (S1/S2/S3)
608.65 / 580.38 / 552.21
Neutral
Nearest support (prior swing lows) sat at 608.65, 10.6% below the close, then 580.38, 552.21.
How to read: Information only. Levels to watch, not good or bad.
39
Resistance levels (R1/R2/R3)
675.50 / 716.64 / 785.87
Neutral
Nearest resistance (prior swing highs) sat at 675.50, 0.3% above the close, then 716.64, 785.87.
How to read: Information only.
40
Monthly pivot points (for next month)
P 658.50 | R1 699.00 | S1 632.80
Neutral
Classic pivots from July's high/low/close gave a pivot of 658.50; the close was above it.
How to read: Information only.
41
Fibonacci retracement (6M swing)
23.6% 543 | 38.2% 576 | 50.0% 602 | 61.8% 629
Neutral
Measuring the 6-month fall from 715.00 to 489.40, the close was nearest the 61.8% retracement at 628.82.
How to read: Information only.
42
52-week high / low
H 856.45 / L 489.40
Neutral
The close was 21.4% below the 52-week high and 37.6% above the 52-week low.
Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43
Unfilled price gaps (6M)
2 open; latest gap-up 15 Jun at 589.20
Neutral
There were 2 unfilled gap(s). The latest, a gap-up on 15 Jun 2026, left an open level at 589.20 that price had not revisited.
How to read: Information only.
G. Patterns
#
Point
Reading
Tag
Commentary
44
Price structure / chart pattern
broad sideways range
Neutral
Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45
Breakout / breakdown (20-day)
range 555.50–678.00
Neutral
The close was inside the prior 20-day range of 555.50–678.00.
Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46
Latest candlestick
Ordinary red candle
Neutral
On 06 Jul the candle opened 677.25, ranged 670.10–684.20 and closed 673.30: Ordinary red candle. Single candles are weak signals on their own.
Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47
Ichimoku Cloud
cloud 554.70–582.11; Tenkan 646.42 / Kijun 619.85
Bullish
Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.
Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.
H. Relative strength & summary
#
Point
Reading
Tag
Commentary
48
Relative strength vs Nifty 50
1M +12.2% / 3M +24.4%
Bullish
The stock outperformed the Nifty 50 by 24.4 points over three months and outperformed by 12.2 points over one month.
Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49
Relative strength vs Nifty 50 (6M)
6M +3.1%
Bullish
No sector index in today's data set, so we show the 6-month comparison instead: 3.1 points ahead of the Nifty 50.
Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50
Technical summary
26 bullish · 2 bearish · 19 neutral · 2 caution
Bullish
Across the 49 readings the technical picture leaned positive. Levels that mattered: support 608.65, resistance 675.50. This is a description of the chart on 06 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
Fundamental analysis — 50 points
Uses only results published by 06 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 06 Jul 2026 close.
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Valuation
#
Point
Reading
Tag
Commentary
1
P/E (trailing 12 months)
37.9×
Neutral
At ₹673.30 the market valued the company at about ₹1,67,185 crore, or 37.9× the ₹4,415 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth.
How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2
Price / Book
3.68×
Neutral
Market cap was 3.68× the Mar 2026 book value (equity + reserves) of ₹45,473 crore.
How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3
Price / Sales
20.40×
Neutral
The company was valued at 20.40× its trailing-12-month sales of ₹8,194 crore.
How to read: Information only.
4
EV / EBITDA (approx.)
115.6×
Neutral
Enterprise value (market cap + ₹306 cr borrowings; cash not netted) was 115.6× trailing operating profit of ₹1,449 crore.
How to read: Information only. Lower means cheaper relative to operating profit.
5
Earnings yield
2.6%
Neutral
The inverse of P/E: each ₹100 invested bought about ₹2.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6
PEG (P/E ÷ 3-yr profit CAGR)
1.28
Neutral
P/E of 37.9 divided by 3-year profit growth of 29.5% a year gives a PEG of 1.28. Below 1 is often read as growth being cheaply priced; above 2 as expensive.
Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7
Dividend yield (trailing 12M)
0.89%
Neutral
Dividends with ex-dates in the 12 months to the snapshot totalled ₹6 a share, a 0.89% yield on the ₹673.30 price.
Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8
Market capitalisation
₹1,67,185 cr
Neutral
At about ₹1.67 lakh crore the company was a large-cap.
How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9
Graham number vs price
₹270.67 vs ₹673.30
Neutral
Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹270.67; the price was 149% above it. Quality franchises usually trade above this number.
Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).
B. Growth
#
Point
Reading
Tag
Commentary
10
Revenue growth FY26 (YoY)
+2.5%
Neutral
Revenue for FY26 was ₹8,194 crore, +2.5% versus FY25.
Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49
Automated screen flags
4 strength(s) · 5 weakness(es)
Neutral
Strengths: Company has reduced debt; Company is almost debt free; Company has delivered good profit growth of 29.2% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 41.4%. Weaknesses: Stock is trading at 3.47 times its book value; The company has delivered a poor sales growth of 8.64% over past five years; Tax rate seems low; Company has a low return on equity of 9.32% over last 3 years; Earnings include an other income of Rs.1,886 Cr. (Flags generated by the data source’s rule screen.)
How to read: Information only.
50
Fundamental summary
10 bullish · 4 bearish · 34 neutral · 1 caution
Bullish
On the numbers published by 06 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 37.9×, P/B 3.68×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
News in the three months before the snapshot
Company news from 06 Apr 2026 – 06 Jul 2026 that an investor could have known on the snapshot date.
13 May 2026DLF profit for March quarter 1% lower, revenue down 49% on lower income — DLF reported Q4 FY26 consolidated net profit of about Rs 1,268 crore versus Rs 1,282 crore a year earlier, with revenue from operations falling to Rs 1,814 crore from Rs 3,127 crore. FY26 net profit was Rs 4,414.68 crore and new sales bookings were Rs 20,143 crore. source
14 May 2026DLF to invest Rs 21,300 crore to complete housing projects across cities — DLF's investor presentation said it needs Rs 21,300 crore to complete ongoing residential projects, against customer receivables of Rs 33,840 crore. FY26 sales bookings fell 5% to Rs 20,143 crore. source
14 May 2026Realty major DLF eyeing residential sales worth Rs 20,000 crore in FY27 — DLF said it expects Rs 20,000 crore of residential sales bookings in FY27, supported by a launch pipeline of Rs 13,000-14,000 crore in Gurugram, Mumbai and Goa. source
15 Jun 2026Investor Madhusudan Kela buys Rs 120.7 crore flat at DLF's The Dahlias — Property registration documents showed a Rs 120.71 crore purchase of a 6,233 sq ft apartment at DLF's The Dahlias in Gurugram, with the agreement registered on April 15, 2026. source
What happened next (06 Jul 2026 → 06 Oct 2026)
Price went from ₹673.30 to ₹666.10 by 06 Oct 2026 (-1.1%) while the Nifty 50 moved -6.8% — outperforming by 5.7 points.
Highest ₹692.00 on 10 Jul 2026; lowest ₹611.50 on 16 Sep 2026.
S1 608.65: held on a closing basis.
S2 580.38: held on a closing basis.
R1 675.50: cleared on a closing basis on 10 Jul 2026.
R2 716.64: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 07 Jul 2026.
Apr–Jun 2026 results (reported 03 Aug 2026): revenue ₹1,280 crore (-52.9% YoY), net profit ₹794 crore (+4.1% YoY), operating margin 12% vs 13% a year earlier (Screener consolidated figures).
Later news
12 Jul 2026DLF Chairman Rajiv Singh's remuneration rises 20% to Rs 44.06 crore in FY26 — According to the annual report, Chairman Rajiv Singh's FY26 remuneration rose to Rs 44.06 crore from Rs 36.65 crore, mostly commission; both managing directors' pay also increased. source
03 Aug 2026DLF Q1 FY27 result: Profit rises 4% to Rs 794 crore — Consolidated net profit rose 4% to Rs 793.90 crore, helped by a higher share of profit from associates and JVs, while total income fell to Rs 1,605.56 crore from Rs 2,980.88 crore. Sales bookings dropped to Rs 657 crore from Rs 11,425 crore as launches were deferred. source
04 Aug 2026DLF confident of meeting Rs 20K cr FY27 pre-sales target despite weak Q1 — DLF said it still expects to meet its Rs 20,000 crore FY27 pre-sales target although Q1 bookings fell 94% year-on-year to Rs 657 crore, which it attributed to deferred launches. source
05 Aug 2026DLF plans Rs 60,000 crore launches as approvals hold up projects — DLF is preparing residential launches with estimated sales potential of nearly Rs 60,000 crore from a ~25 million sq ft pipeline; pending regulatory approvals delayed launches and weighed on Q1 bookings. source
10 Aug 2026DLF sells penthouse for Rs 271 crore in luxury housing project in Gurugram — Sources said DLF sold a penthouse at The Dahlias in Gurugram for Rs 271 crore; the 420-unit project launched in October 2024 is reported to be more than 65% sold. source
Educational summary. On 06 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -1.1% against -6.8% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold DLF today.
Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.
Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 09 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction
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