Cadila Healthcare, Apollo Hospital and Mindtree, check out Motilal Oswal’s recommendations for next week
Sensex closed strong 0.81% up at 40509.49 on Friday while Nifty closed 0.67% up at 11,914.20. Pharma and hospital stocks are continuing their bullish momentum and may perform well over the next one quarter. The Nifty IT index has been hitting new lifetime high territory and most of the stocks are continuing their Bullish crossover. Pharma, Hospital and I.T. sectors have been huge beneficiaries of Covid-19 pandemic buying and these sectors outperformed the broader market in past few months.
Chandan Taparia, VP – Research, Head of Technical and Derivatives Research recommends some technical stocks for traders, they are Cadila Healthcare in Pharma sector, Apollo Hospital in Hospital theme and Mindtree in I.T. sector.
Cadila healthcare has been consolidating for the last three years, the stock has clearly given a breakout by holding above 420 zones. Pharma sector did witness narrow range breakout along with positive momentum. Motilal Oswal recommends buying Cadila Healthcare at current market price of Rs 438 with target of Rs 480 and stop loss of Rs 418. Stock has rallied by 70% in this year and bulls are controlling the command along with a higher support base which could cheer the bullish up move.
Apollo hospital gave a major move above 1820 zones last month and triggered a major multiple year breakout. The stock has been making higher top and higher bottom patterns on a daily and weekly scale along with huge additions in existing open interest activities. Further, suggesting to buy at the current market price of Rs 2277 for an upside positional target for 2525 with stop loss below Rs 2150.
See Zee Business Live TV Streaming Below:
Mindtree has seen decent gains in the last one years and its bullish stance could continue going forward. Decisive hold above 1470 zones could take it towards swing high of 1650-1700 zones. The Nifty IT index continued its positive momentum in the last six weeks and almost recovered by 100% from lows and made a new lifetime high territory. RSI indicator is holding is bullish stance with strong bulls grip. Motilal Oswal recommends buying Mindtree at a current market price of Rs 1504 with target of Rs 1700 and Stop loss of Rs 1400.
(Authored By Rahul Kamdar)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.