Stock Picks - Buy Fortis Healthcare Ltd For Target Rs.325 - ICICI Direct
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Technical Observations
* The hospital stocks continue to outperform. Fortis healthcare is our preferred pick within the hospital stocks, which we expect to outperform
* The stock is at the cusp of generated a breakout above the bullish cup and handle pattern with strong volume signaling continuation of the up move and offers fresh entry opportunity
* Going ahead we expect the stock to maintain positive bias and head higher towards | 325 levels being the 161.8% external retracement of the recent decline (| 303.00-265.00)
* The stock has witnessed a faster retracement of the last falling segment as 17 sessions decline (|303-265) was completely retraced in just nine sessions signaling a robust price structure
* Among the oscillators the daily 14 periods RSI in up trend and has recently generated a buy signal thus validates positive bias
Buy Fortis Healthcare Ltd @ 297.00-303.00 TGT 325 SL 284
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