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The short-term outlook is bullish for Apollo Hospitals Enterprise. The stock has witnessed a bullish breakout above the key level of ₹6,400. Immediate support is at ₹6,550. Below that, ₹6,400-6,380 will be the next strong support zone. Any dip below ₹6,550 will be limited to ₹6,400-6,380 support zone. A fall below ₹6,380 might be little difficult now. Apollo Hospitals Enterprise share price can rise to ₹7,000-7,050 over the next three-four weeks.
Traders can go long now. Accumulate on dips at ₹6,560. Keep a stop-loss at ₹6,365 initially. Trail the stop-loss up to ₹6,670 as soon as the stock moves up to ₹6,710. Move the stop-loss further up to ₹6,850 when the price touches ₹6,920. Exit the longs at ₹7,000. The region around ₹7,000 is a strong resistance from where a reversal is possible.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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