The short-term outlook is bullish for Rainbow Children’s Medicare. The stock has begun the week by surging over 5 per cent on Monday breaking above the ₹1,450-₹1,470 resistance zone. Indeed, the stock has been moving up well since the middle of last week itself when the broader markets were falling. The region around ₹1,470 will now act as a very good resistance-turned-support. Intermediate dips are likely to get fresh buyers at lower levels.
Rainbow Children’s Medicare share price can rise to ₹1,570 in the coming weeks. Traders can go long now at ₹1,498. Accumulate on dips at ₹1,474. Keep the stop-loss at ₹1,440. Trail the stop-loss to ₹1,510 when the stock goes up to ₹1,525. Revise the stop-loss further up to ₹1,535 when the share price touches ₹1,555. Exit the long positions at ₹1,570.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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