The outlook for Max Healthcare Institute is bullish. The stock formed a strong base above ₹850. The 4 per cent rise last week has taken the stock above ₹890 – a key resistance.
This indicates that a fresh leg of upmove has begun. Moving average cross-over on the daily chart also strengthens the bullish case. The level of ₹890 will now act as a good resistance-turned-support. Max Healthcare Institute share price can rise to ₹940 in the next few weeks.
Traders can go long now at ₹899. Accumulate on dips at ₹892. Keep the stop-loss at ₹876. Trail the stop-loss up to ₹908 as soon as the stock moves up to ₹920. Move the stop-loss further up to ₹923 when the price touches ₹930. Keep the stop-loss at ₹876. Exit the long positions at ₹940.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)