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Breaking a key resistance at ₹112, the stock of Fortis Healthcare surged 4 per cent with above average volume on Wednesday. It has also breached the 200-day moving average, and is poised above the 50-DMA. Investors with a short-term perspective can buy the stock now. After registering a 52-week high of ₹136 in September 2014, the stock was in a medium-term downtrend till it found support at around ₹101 in late December.
Triggered by positive divergence in the daily relative strength index, the stock reversed higher from the support level of ₹101. Volumes have been increasing over the past two trading sessions. The indicators and oscillators on the daily chart are trending up and featuring in the bullish zone, backing the ongoing uptrend. The short-term outlook is bullish. The stock can extend its rally and reach the price target of ₹119.5 and ₹122 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹112.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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