Nifty View:
The view remains corrective, though on intraday basis we may keep seeing some pull back rally. Only a decisive move in Nifty past 9,850-9,930 levels would change the scenario. The MACD & RSI indicators in the daily chart still indicate a downward bias, however, the support for the day is seen at 9,720 while resistance is seen at 9,810.
APOLLO HOSPITALS - BUY
CMP: Rs 1,098.50
TARGET: Rs 1,200
STOP LOSS: Rs 1040
The stock has given a very steep correction and now has bounced back with decent volume participation making a hockey stick candle pattern in the daily chart to indicate positive bias. The RSI has hit oversold zone and now is making a recovery attempt with a trend reversal signaling a buy. We anticipate further up move in the coming days and hence we recommend a buy in this stock for an upside target of 1200 keeping a stop loss of 1040
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