Comments
The stock of Aster DM Healthcare jumped almost 8 per cent accompanied by extraordinary volume on Monday, decisively breaking above a key resistance at around ₹162. This rally has strengthened the short-term uptrend that has been in place since the stock took support at ₹132 in late March this year. With the recent breakthrough of the key barrier at ₹161, the stock appears to have resumed the long-term uptrend that has been in place from the March 2020 low of ₹83. The recent rally has conclusively surpassed the 21- and 50-day moving averages and trades well above them.
The daily relative strength index has entered the bullish region from the neutral one and the weekly RSI has also entered the bullish zone backing the uptrend. The short-term outlook is bullish for the stock. It has potential to extend the uptrend and take the stock northwards to ₹173 and ₹176 in the coming trading sessions.
Traders with a short-term perspective can buy the stock with a stop-loss at ₹162 level.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.