Trade Idea of The Day - Apollo Hospitals Enterprise Ltd Target Rs. 285 - Religare Broking Ltd
Apollo Hospitals Enterprise Ltd
BUY 28 JUL 8850 CALL Entry Range 145 – 155 Target 285 Stop Loss 100
Rationale
1. APOLLOHOSP continues to trade in a well-defined higher high–higher low formation, indicating sustained bullish momentum. The stock prices are comfortably placed above both the 20-DEMA and 50-DEMA, reaffirming the strength of the prevailing uptrend.
2. The weekly RSI is hovering around the 70 mark, reflecting strong buying interest without showing major signs of weakness. Meanwhile, the MACD remains in positive territory with a bullish crossover, supporting further upside.
3. On the daily timeframe the stock prices are decisively surpassed its previous swing highs, confirming a bullish continuation pattern. Sustained trading above 8,750-8,800 zone keep the positive bias intact.
4. For the near term overall bias remains positive, so that one can adopt a buy-on-dips approach, with immediate upside targets placed at 9000, while 8650 should act as a crucial support level.
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