We recommend a buy in the stock of Apollo Hospitals
We recommend a buy in the stock of Apollo Hospitals from a short-term perspective. The stock is in a corrective phase since the peak of Rs 903 recorded last November. But this correction has halted at the long-term support at Rs 760. A short-term uptrend is in motion since the last week of January. The relative strength index in the daily chart has moved above the neutral region into the bullish zone. The moving average convergence divergence oscillator is also giving a buy signal and is indicating that the stock price could continue to trend higher.
Investors can buy the stock at current levels with stop at Rs 802. It has the potential to move higher to Rs 827 or Rs 844 in the sessions ahead.