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The Stock of Apollo Hospitals had a volatile year. It registered a 52-week low of ₹1,083.1 in February. But after that, the stock started to rally and marked its lifetime high of ₹1,579.7 in September.
Since then, the stock has largely been oscillating in a broad range between ₹1,350 and ₹1,540. Notably, the stock witnessed downward pressure in December, where it tumbled to ₹1,350 from ₹1,485 levels. However, further decline was arrested as ₹1,350 acted a substantial support.
In the past week, the stock broke out of the key resistance at ₹1,400 and is currently trading at ₹1,418.9; it has also closed above the 21-DMA on a daily basis. Thus, the price action on the daily chart hints a positive momentum. Corroborating the bullish bias, the daily RSI is showing an uptick and has moved above the midpoint level of 50. Also, the MACD indicator on the daily chart indicates a positive momentum. Hence, investors with short-term perspective can buy the stock with stop loss at ₹1,390 for a target is at ₹1,480.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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