May 15, 2017
Fortis Healthcare(NSE Cash)
BUY
` 193
` 205 - 207
` 230
14 - 21 sessions
Weekly Chart
Source: Falcon (Time: 11:45 IST)
Justification:
The stock had recently given a breakout from a consolidation phase of about two years. The breakout was support with
high volumes which provides confirmation to the breakout. In last few trading sessions, the prices have retraced some of
the gains of the recent upmove and are now trading near the breakout levels which should now act as support. Also, the
support coincides with the 38.2 percent retracement of the recent upmove. On hourly charts, prices are now trading near
the '200 SMA support and thus, we expect the stock to resume the uptrend from current levels. Considering above
technical evidences; we advise traders to buy this stock at current levels to a decline up to `205 for a target of `230
over the next 14 - 21 sessions. The stop loss should be fixed at `193.
Ruchit Jain
022-3935 7600 Extn: 6554
1
May 15, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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