Trade Idea of The Day - Apollo Hospitals Enterprise Ltd Target Rs.200 - Religare Broking Ltd
Apollo Hospitals Enterprise Ltd
BUY 23 NOV 8400 CALL SELL 23 NOV 8700 CALL Entry Range 90 – 100 Target 200 Stop Loss 45
Rationale
• APOLLOHOSP witnessed a strong bullish reversal after forming a support base near the 7,500-7,600 zone, indicating renewed buying interest and a potential continuation of the recovery momentum.
• The stock prices has recorded a decisive breakout above its immediate 20-DEMA and 50-DEMA levels, currently placed near 8,050 and 8,290, respectively, reflecting improving technical strength and a positive shift in the short-term trend.
• The momentum indicators remain encouraging, with RSI rebounding towards the 60 mark and MACD registering a bullish crossover alongside expanding positive histogram bars, suggesting strengthening upward momentum.
• A sustained trading above the 8,300-8,350 zone could extend the recovery towards 8,650-8,700 levels. The 8,050-8,000 zone is expected to act as immediate downside support, favouring a buy-on-dips approach.
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