Buy Fortis Healthcare; target of Rs 171: Aditya Birla Money

“Fortis Healthcare after a brief consolidation above the Rs 200-day has traded firm and gained ground sharply over the last couple of sessions. The 14-day RSI (14) is exhibiting positive momentum while the MACD (12/26/9) has made a bullish crossover and is curling up. Hence current positive tone is likely to extend and test the falling trend line resistance at Rs 168 and then the November highs near Rs 171 in the forthcoming sessions.”

“On the downside, break out zone  of Rs 157.50/155.40 is likely to act as strong support on any immediate pull back. Only an early break below it could prompt for a re-test of the 200-day EMA delaying the expected gains. Buy Fortis Healthcare at CMP Rs 161.65 and on dips to Rs 158, with a target of Rs 171 and closing stop of Rs 155,” says Aditya Birla Money research report.

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