Volume is an important aspect of technical analysis because it is used to confirm trends and chart patterns. Any price movement up or down with relatively high volume is seen as a stronger, more relevant move than a similar move with weak volume.
However, day trading volumes are just noise and are mostly made up of speculative trades. Any ratio derived from day trading volumes, cannot be a reliable indicator. That's why, we look at deliverable volume which is all the trades which were not closed on the same day i.e. all trades which were not intraday trades.
If a stock's price goes up sharply, with a substantial increase in delivery volume, it is a bullish indication. If a stock's price falls sharply, with a substantial increase in delivery volume, it is a bearish indication.
I don't think a stock can be traded just by looking the the delivery statistics. Along with the delivery data, one should also look at the entire technical setup of the stock i.e. the technical charts.
Another important idea in technical analysis is that price is mostly preceded by volume. Volume is closely monitored by technicians and chartists to form ideas on upcoming trend reversals. If volume is starting to decrease in an uptrend, it is usually a sign that the upward run is about to end.
You can view deliverable volume of all stocks traded on NSE at the individual stock page. (e.g. Reliance)
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