Technically speaking, the stock is trading above its short and long term moving averages which is a sign of further upside in the stock.
Fortis ( Fortis Healthcare ) has outperformed benchmark indexes this year. On July 28, it touched a 52-week high of Rs 259.65 on the BSE.
Technical analyst says that in 4-6 months this stock can see an increase of 30 percent.
Let us tell you that Fortis Healthcare is headquartered in India but it runs a chain of multinational hospitals.
So far in 2021, this stock has seen a rise of 60 per cent, while the Nifty has gained 13 per cent and the BSE 500 index has gained 18 per cent in the same period.
Ashish Chaturmohta of Sanctum Wealth says the recent price action of this company with market cap of Rs 19000 crores indicates that there is a breakout above Rs 300 in this stock.
The recent price action has pushed the stock above its Bollinger Bands which is a sign of further upside.
He further added that the stock is trading above its short and long term moving averages which is indicating further upside.
If there is any downside, buy this stock with a target of Rs 325. This target can be achieved within 4-6 months.
Chaturmohta further said that buying can be done in this stock even at the current level.
For this, keep a stop loss of Rs 232. This stock can give a target of Rs 325 in 4-6 months.