Todays Pick

Fortis Healthcare (₹254.8): Buy

Yoganand D BL Research Bureau | Updated on July 28, 2021

Investors with a short-term horizon can buy the stock of Fortis Healthcare at current levels. The stock has been in an intermediate-term uptrend since it took support in the band between ₹120 and ₹125 in October 2020. After a short-term correction the stock took support at around ₹160 in late February this year and resumed the uptrend. Since then, the stock has been in a medium-term uptrend.

Regaining bullish momentum, the stock started to trend upwards this week. On Tuesday, it advanced 3.3 per cent with above average volume and surpassed a near-term resistance at ₹250. It has gained 5.4 per cent so far this week. The stock trades well above the 21- and 50-day moving averages.

There has been an increase in volume over the past four trading sessions. The daily relative strength index has entered the bullish zone and the weekly RSI continues to feature in the bullish zone. Further, the daily and the weekly price rate of change indicators are hovering in the positive terrain, indicating buying interest. The stock can extend the uptrend in the short term and reach the price targets of ₹265 and ₹270 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹249.

Note: The recommendations are based on technical analysis. There is risk of loss in trading.

Published on July 28, 2021

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