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Trade Spotlight: What should investors do with Apollo Hospitals, Cadila Healthcare & Max Healthcare?

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Stocks like Apollo Hospitals rose over 4 percent, Cadila Healthcare rallied over 5 percent, and Max Healthcare witnessed profit booking after hitting a fresh 52-week high on Tuesday.

Indian markets registered a negative close for the second consecutive day in a row on Tuesday which pushed the Sensex below 48000 and Nifty50 below 14300 levels.

Selling pressure was seen in IT, FMCG, finance, and banking stocks. Pharma sector outperformed and the S&P BSE Healthcare index closed with gains of 1.2 percent on Tuesday.

Stocks like Apollo Hospitals rose over 4 percent, Cadila Healthcare rallied over 5 percent, and Max Healthcare witnessed profit booking after hitting a fresh 52-week high on Tuesday.

Here's what Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,, recommends investors should do with these stocks when the market resumes trading today:

Apollo Hospitals: Hold

This counter appears to be in a multi-week consolidation phase as it is moving in a broader range of Rs 3284 – 2787 levels for the last 8 weeks.

Hence, for the further sustainable rally, it needs a breakout above Rs 3284 levels on a closing basis. In that scenario, a bigger target of Rs 3580 can be expected.

However, failure to get past Rs 3284 may force the bulls to give up some of the gains. Nevertheless, a dip close to Rs 3000 can be a good opportunity to create fresh longs.

For time being, traders are advised to hold with a stop below Rs 3181 on a closing basis whereas, a breakout above Rs 3284 can also be considered as a fresh buying opportunity for a target of Rs 3580.

Cadila Healthcare: Book Profits

This counter registered a new lifetime high with a test of Rs 560 registered in 2017. However, momentum on the weekly charts seems to be dwindling down with indecisive formations.

Hence, short-term traders should book profits, if this counter fails to register a sustainable close above Rs 560 by the end of this week.

Any weakness from current levels may drag it down towards Rs 535 which can be considered as a buying opportunity to create fresh long positions.

If it manages a sustainable close above Rs 560 levels, then based on long-term charts a higher target of Rs 670 can be projected over a period of time.

Max Health Care: Books Profits

This counter appears to be in a short-term consolidation phase as it is moving sideways between the range of Rs 237 – 212 levels.

Even in the last trading session, it managed to get past the said resistance point on an intraday basis but encountered selling pressure at the higher end of the range. Hence, failure to register a breakout above Rs 240 on a closing basis may drag it down towards Rs 220 where one can consider fresh long positions with a stop below Rs 217 on a closing basis.In case if it manages a close above Rs 240 then a higher target of Rs 270 can be expected. For the time being, traders will be better off to book profits and wait for either a dip towards Rs 220 or a breakout above Rs 240.

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