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The stock of Apollo Hospitals , after witnessing a multi-year breakout in early 2020, fell sharply in March. That is, the stock posted a loss of about 42 per cent from the then lifetime high of ₹1,813.5 as it registered a low of ₹1,047.
However, the stock immediately recovered and has been rallying since then. Last month, it rallied past the prior high and went on to make a fresh lifetime high of ₹2,188.4 on Wednesday. Supporting the positive outlook, the price is well above the 21-day moving average and the daily relative strength index is steadily moving up. Also, the moving average convergence divergence indicator in the daily chart has been tracing an upward trajectory and stays in the bullish zone. Moreover, the fresh breakout yesterday has confirmed a bullish flag pattern – indicating considering upward momentum.
On the upside, the stock is likely to crossover ₹2,200 and can move to ₹2,250 in the near-term. The immediate support level can be spotted at ₹2,100.
Considering the above factors, traders can initiate fresh buys in the stock with stop-loss at ₹2,100.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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