Apollo Hospital, we have recommended to sell this stock below 1677 levels for downside targets of 1600 and 1580. It has achieved our targets successfully and currently trading at around 1277 levels.
Bumper profit of Rs 47,500 [(95 Points x 500 (lot size of apollo)] booked by our blog followers.
Follow our chart ideas regularly and mint money from market.
On the weekly chart, Apollo Hospital stock took a sharp reversal from upper levels and looks weak below 1677 levels on the chart.
After a sharp upside rally stock has taken a sharp downside reversal on the weekly as well as on the daily chart due to continuous panic sell-off in the Indian and global markets.
The stock has achieved its 100% of retracement levels on the weekly chart and it will take a small correction from this level. The leading indicator Relative strength index (RSI) has confirmed a downside rally in this stock with a supportive volume on the chart. The oscillators like stochastic and William %R has also shown a reversal from the upper levels (overbought) on the chart.
On a weekly basis, the apollo stock is facing a hurdle at around 1800 levels and the Bollinger band indicator has clearly indicated a downside move will continue in this stock.
Traders can sell below 1677 levels, if it breaks and close below 1677 will see a sharp downside rally till 1600—1580 levels in the coming days.
Hurdle and stop-loss above 1730 levels on the closing basis.