In the exhilarating conclusion of the week’s trading session, Nifty kicked off with a bang, soaring to new heights and closing at an impressive level of 18,499.35. The market witnessed a resounding breakthrough of the continuation pattern, igniting a wave of excitement among traders and investors alike.
Amidst this prevailing bullish atmosphere, where various sectors made their presence felt, there was one standout stock in the healthcare sector. This particular stock showcased a remarkable display of strength, forming a captivating bullish candlestick pattern on the weekly charts. What makes this even more intriguing is the tantalizing possibility that it is on the cusp of a momentous breakout, poised to shatter the constraints of a trend reversal price pattern that has held it captive for the past year and a half.
The stock is Apollo Hospitals, which is engaged in the operation and management of hospitals, diagnostic centers and pharmacies. It operates through the following segments: Healthcare, Pharmacy Distribution, Clinics, and others. It was established in 1983 by Dr. Prathap C Reddy, renowned architect of modern healthcare in India. As the nation’s first corporate hospital, Apollo Hospitals is acclaimed for pioneering the private healthcare revolution in the country. It has emerged as Asia’s foremost integrated healthcare services provider and has a robust presence across the healthcare ecosystem, including Hospitals, Pharmacies, Primary Care & Diagnostic Clinics and several Retail Health models.
Technically on weekly charts in the second last week of November 2021, it made lifetime high of Rs 5935.40, from there it lost this momentum and started retracing its previous rally in which it almost touched the 50 % retracement ratio and made a low of Rs 3361.55 by making lower highs and lower lows. After this, it again started its journey towards a lifetime high but unfortunately, it witnessed selling pressure and entered in consolidation. Now it is ready to break this consolidation range. If we draw the trendline from the high of January 2022 (Rs 5141.50) and the high of December 2022 (Rs 5901.95) we will get the neckline of trend reversal price pattern. Stock will register the breakout if it closes above this neckline and minimum possible target of this pattern will be Rs 6000 which is more than 25% from the breakout level.
Investors looking for an opportunity in the healthcare sector can add this stock to their watchlist.
Enjoy Zero Brokerage on Equity Delivery
Join our 1.75 Cr+ happy customers
Enjoy Zero Brokerage on