Trade Idea of The Day - Max Healthcare Institute Ltd Target Rs. 35 - Religare Broking Ltd
Max Healthcare Institute Ltd
BUY 29 SEP 1050 CALL Entry Range 12 -15 Target 35 Stop Loss 6.5
Rationale
• MAXHEALTH has maintained a positive structure on the daily chart, as the stock has recently reclaimed its key moving averages of the 20-DEMA as well as the 50-DEMA, indicating improving buying interest and strengthening momentum.
• The stock has taken support near its rising trendline, as the stock price has formed a higher bottom structure on the daily timeframe. Sustained trading above the 1,020-10350 zone keeps the broader bullish structure intact and provides a favorable base for further upside.
• Momentum indicators are supportive, with RSI hovering near the 60 mark and moving higher, while the MACD has turned positive with a bullish crossover, indicating strengthening momentum and scope for continuation of the recent recovery.
• On the upside, sustained buying above the immediate support zone could trigger a move towards 1,090-1,100, followed by 1,140. Any dip towards the support zone may attract fresh buying interest, and the 980 -1,000 zone holds strong downside support.
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SEBI Registration number is INZ00017433
