Fortis Healthcare Shares Rise 3% on Hospital Deal

Fortis Healthcare Ltd

shares gained 1.82% after signing an agreement to provide healthcare services at a 400+ bed super-specialty hospital in Ashok Vihar, New Delhi. (154 characters) Corrected post body Fortis Healthcare (TICKER) shares rallied as much as 3% intraday on September 17 after the company announced that it had signed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital to provide healthcare services at a 400+ bed super-specialty hospital in Ashok Vihar, New Delhi. The hospital is expected to commence operations in around three to four years. The stock pared some of its intraday gains but still closed 1.82% higher, snapping a four-session losing streak. During the previous four consecutive sessions, the stock had declined and touched a five-month low, making Thursday's rebound notable from a technical perspective. Going forward, ₹860 may act as a key support level, while ₹942 is likely to remain an important near-term resistance zone. Investors will track the company's execution of the new hospital agreement along with price action around these technical levels. A sustained move above resistance or a break below support could determine the stock's next directional move. Disclosure: I do not hold any position in the mentioned stock. Disclaimer: Investments in securities are subject to market risk. This is for educational purposes only. Investors must verify information before investing and consider their financial position & risk profile.