Technical Analysis Apollo Hospitals

The stock $APOLLOHOSP is in a very strong and clear uptrend. From March through August the price has been consistently making higher highs and higher lows. This is a classic sign that buyers are in full control and the overall market sentiment for this stock is highly positive. The stock is currently trading around the 8988 level resting right near its recent highs. After a massive and continuous run-up from the 7000 levels in April the price is currently consolidating taking a small breather in a tight range. This kind of pause is healthy for a stock after a big rally. Immediate Resistance the next major challenge for the stock is crossing the psychological zone of 9000 to 9200. If the price successfully breaks above this level with strong volume the bullish momentum will likely continue. Immediate Support if the stock sees some profit booking or selling pressure the first strong support is near the 8600 level where the price recently bounced. Major Support if the price falls further, the 8000 to 8200 zone will act as a massive support base as this was a previous consolidation area that the stock broke out of in June. For short-term buyers the stock is currently trading near the ₹8959 mark demonstrating solid upward momentum. Current holders can comfortably hold their positions by keeping a strict stop-loss around the immediate pivot support of ₹8892 to protect their capital. For new short-term buyers it is safer to wait for a clear and sustained breakout above the ₹9000 psychological resistance level before taking aggressive fresh entries.