We recommend a buy on dip at Rs 1,100 in this stock for an upside target of Rs 1,220, keep a stop loss of Rs 1,049, says Shabbir Kayyumi of Narnolia Financial Advisors.
Narnolia Financial Advisors
Apollo Hospitals has witnessed a decent correction recently from the peak of Rs 1,234 and after that, it retesting its double bottom neckline which is creating a buying opportunity in the scrip.
RSI has found near oversold zone and has indicated a reversal to maintain a positive bias and has potential to rise further in the coming days.
Stochastic is also looking firm lending support to price action. Trendline breakout is expected above Rs 1,125 from where the momentum of buying will increase.
With the chart looking attractive and decent volume participation witnessed, we recommend a buy on dip at Rs 1,100 in this stock for an upside target of Rs 1,220, keep a stop loss of Rs 1,049.Disclaimer: The author is Head – Technical & Derivative Research at Narnolia Financial Advisors Ltd. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.