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Investors with a short-term view can consider buying the stock of Fortis Healthcare at current levels.
The stock gained almost 4 per cent accompanied by above average volume on Monday, breaching a key immediate resistance at ₹124. Following a short-term downtrend, from the key resistance level of ₹140 encountered in mid-April this year, the stock found support at ₹121 last week. Subsequently, the stock changed direction triggered by positive divergence in the daily relative strength index and the daily price rate of change indicator. Moreover, the key long-term support at around ₹120 has provided base for the stock recently.
The daily RSI has entered the neutral region from the bearish zone and the weekly RSI is likely to enter the neutral region from the bearish zone. Also, the daily price rate of change indicator features in the positive terrain reveals buying interest.
The short-term outlook is bullish for the stock. Targets are ₹132.5 and 135. Traders can buy with a stop-loss at ₹124.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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