Todays Pick

Max Healthcare Institute (₹113.2): Buy

Yoganand D BL Research Bureau | Updated on November 04, 2020

Investors with a short-term perspective can buy the stock of Max Healthcare Institute at current levels. The stock was listed in Augustand with the limited price history available the short term trends are clear. Following a high volatile in September, the stock marked a 52-week high at ₹133.8 and continued to trend downwards.

However, the stock found support in the band between ₹101 and ₹104 in the past week and bounced up. This rally gathered movement on Wednesday and the stock jumped 5 per cent with good volume breaching a key resistance at ₹108 as well as the 21-day moving average. Moreover the stock has also closed above the 50-day moving average. This rally has altered the short-term trend upwards.

The daily relative strength index is on the brink of entering the bullish zone from the neutral region. Besides, the daily price rate of change indicator had recently entered the positive territory and continues to feature in this territory implying buying interest. The short-term outlook is bullish for Max Healthcare Institute. It can continue to trend upwards and reach the price targets of ₹118 and ₹120 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹110.5.

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

Published on November 05, 2020

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