Comments
Apollo Hospitals Enterprise (₹5,206.6)
Cracks a key resistance
Apollo Hospitals Enterprise’s share price has been on a rise over the past couple of months. The stock had found good support at ₹4,200 against which it established the current uptrend. The up move had enough momentum to lift the stock above a key resistance at ₹5,120 last week. Now, the charts show that the scrip could see more appreciation from the current level, potentially to ₹5,800 in the coming weeks.
Therefore, we suggest buying shares of Apollo Hospitals Enterprise at the current level of ₹5,206 and accumulate more if the price dips to ₹5,120. Place stop-loss at ₹4,850. When the stock goes above ₹5,500, modify the stop-loss to ₹5,300. Tighten the stop-loss further to ₹5,400 when the price hits ₹5,600. Exit at ₹5,750.
AU Small Finance Bank (₹778.6)
A rebound expected
AU Small Finance Bank’s stock went above a key level of ₹700 last month. But after marking a high of ₹795 three weeks ago, the price has now moderated to about ₹779. However, in the past few days, the stock price is on a rise and the price action hints at a possible resumption in the uptrend. We anticipate an appreciation in price to ₹860 in the near term.
Hence, one can go long on this stock now at ₹779 and add more longs in case the price dips to ₹760. Place stop-loss at ₹730. When the stock moves past ₹800, alter the stop-loss to ₹770. When the price hits ₹830, liquidate half of the longs that you hold and then revise the stop-loss to ₹800. Exit the balance holdings at ₹850.
Balkrishna Industries (₹2,364.6)
Bounces off a support
Balkrishna Industries’ share price witnessed a sharp rally towards the end of May, resulting in the breach of a critical hurdle at ₹2,300. However, there was a drop in price and largely, the movement was sluggish in the recent weeks. But now, the stock shows promising signs after bouncing off the 20-day moving average.
Although there might be a temporary drop in price to ₹2,300, the stock of Balkrishna Industries is expected to rise to ₹2,525 in the coming weeks. So, buy now at around ₹2,365 and also on a dip to ₹2,305. Keep initial stop-loss at ₹2,240; shift it to ₹2,320 when the stock goes above ₹2,420. When the price touches ₹2,480, exit one-third of the longs and then modify the stop-loss to ₹2,380. Book the remaining two-thirds at ₹2,525.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.