Yoganand D Investors with a short-term perspective can buy the stock of Aster DM Healthcare at current levels. On Thursday, the stock jumped 9 per cent with an extraordinary volume breaking out of a short-term sideways consolidation phase upwards.
Following a medium-term downtrend, the stock was in a sideways consolidationbetween ₹158 and ₹170 from late June to mid August. Moreover, the stock’s recent rally has conclusively breached its 50- and 100-day moving averages poised at around ₹170. The stock appears to have resumed its intermediate-term uptrend that had commenced from the March low of ₹140 levels.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators feature in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. It can continue to move upwards and reach the price targets of ₹192 and ₹196. Traders can buy the stock with a stop-loss at ₹180.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.