Stock Picks - Buy Fortis Healthcare Ltd For Target Rs.316 - ICICI Direct
Technical Observations
* The stock has recently registered a breakout above the falling channel containing last two months corrective decline signalling a reversal of the corrective decline and offers fresh entry opportunity.
* We expect the stock to maintain positive bias and head towards | 316 levels being the 123.6% external retracement of the last two months breather (| 303-232)
* The stock has almost completely retraced its nine weeks decline (| 303-232) in just three weeks. A faster retracement in less than half the time interval signals strength and a robust price structure
* The recent up move and breakout above the falling channel is supported by strong volume of more than three times the 200 days average volume of 35 lakhs share per day highlighting larger participation at the breakout area
* The daily 14 periods RSI is in up trend and is seen rebounding taking support at its nine periods average thus validates positive bias.
Buy Fortis Healthcare Ltd @ 286.00-291.00 TGT 316 SL 276
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