Apollo Hospitals Enterprise (₹5,206.6)

Cracks a key resistance

Apollo Hospitals Enterprise’s share price has been on a rise over the past couple of months. The stock had found good support at ₹4,200 against which it established the current uptrend. The up move had enough momentum to lift the stock above a key resistance at ₹5,120 last week. Now, the charts show that the scrip could see more appreciation from the current level, potentially to ₹5,800 in the coming weeks.

Therefore, we suggest buying shares of Apollo Hospitals Enterprise at the current level of ₹5,206 and accumulate more if the price dips to ₹5,120. Place stop-loss at ₹4,850. When the stock goes above ₹5,500, modify the stop-loss to ₹5,300. Tighten the stop-loss further to ₹5,400 when the price hits ₹5,600. Exit at ₹5,750.

AU Small Finance Bank (₹778.6)

A rebound expected

AU Small Finance Bank’s stock went above a key level of ₹700 last month. But after marking a high of ₹795 three weeks ago, the price has now moderated to about ₹779. However, in the past few days, the stock price is on a rise and the price action hints at a possible resumption in the uptrend. We anticipate an appreciation in price to ₹860 in the near term.

Hence, one can go long on this stock now at ₹779 and add more longs in case the price dips to ₹760. Place stop-loss at ₹730. When the stock moves past ₹800, alter the stop-loss to ₹770. When the price hits ₹830, liquidate half of the longs that you hold and then revise the stop-loss to ₹800. Exit the balance holdings at ₹850.

Balkrishna Industries (₹2,364.6)

Bounces off a support

Balkrishna Industries’ share price witnessed a sharp rally towards the end of May, resulting in the breach of a critical hurdle at ₹2,300. However, there was a drop in price and largely, the movement was sluggish in the recent weeks. But now, the stock shows promising signs after bouncing off the 20-day moving average.

Although there might be a temporary drop in price to ₹2,300, the stock of Balkrishna Industries is expected to rise to ₹2,525 in the coming weeks. So, buy now at around ₹2,365 and also on a dip to ₹2,305. Keep initial stop-loss at ₹2,240; shift it to ₹2,320 when the stock goes above ₹2,420. When the price touches ₹2,480, exit one-third of the longs and then modify the stop-loss to ₹2,380. Book the remaining two-thirds at ₹2,525.

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