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Apollo Hospitals (₹4,251.6)
At a good support
The stock of Apollo Hospitals Enterprise, which has been falling since December last year after facing resistance at ₹4,900, is now hovering around a support of ₹4,180. In the past, it has rallied on the back of this support several times. This time too, we expect the support to hold against which the scrip might begin the next leg of uptrend.
Besides, the daily candlesticks show good buying interest of late. Therefore, the possibility of a recovery looks high from here. Hence, one can consider going long on this stock now. Add more longs if the price corrects to ₹4,050. Keep stop-loss at ₹3,875. When the price goes above ₹4,600, move the stop-loss up to ₹4,480. Liquidate the longs at ₹4,890.
Britannia Industries (₹4,628.85)
Bounces off support
Since April last year, the stock of Britannia Industries has been in an uptrend. It began the rally by taking support at ₹3,100. In November, it breached a resistance at ₹4,300 which gave more impetus for the bulls to lift the price higher. We forecast the stock to appreciate above the psychological ₹5,000-mark and touch ₹5,400 in the near term.
But there could be a minor drop in price from the current level. Given these factors, we suggest traders to buy the stock of Britannia Industries at the current level of ₹4,628. Add more shares to your holding when the price dips to ₹4,500. Place the stop-loss at ₹4,160 initially. Shift it up to ₹4,980 when the scrip surpasses ₹5,000. Book profits at ₹5,400.
Granules India (₹292)
Key support invalidated
For the past three months, the stock of Granules India has been on a descent. It started depreciating from the resistance at ₹375. A fortnight ago, it invalidated a support at ₹300. With this, the bears have opened themselves more space on the downside with the nearest notable support at ₹240. The stock is now below both 50- and 200-day moving averages, giving it a medium-term bearish outlook.
That said, we might see the price overshooting a little above ₹300 and then resume the decline. So, traders can go short on the stock at the current level of ₹292. Add more if price rises to ₹305. Place the stop-loss at ₹325 at first. Alter it to ₹275 when the price slips below ₹265. Exit all the shorts at ₹240.
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