In the previous session, the Nifty Index opened at flat note and extended slightly lower in the first half an hour. Later we saw some recovery from day’s lows and the index closed with a net profit of 75.40 points. Technically, the index formed a small bullish candle with a slightly long lower wick which is in line with the day before the previous day low on the chart. A sector and stock specific selection is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, June 21, 2022’ before the market opens.

Apollo Hospitals Enterprise Ltd.

NSE :APOLLOHOSP   BSE :508869  Sector : Healthcare

We have posted a daily chart of APOLLOHOSP. We can see that the price has formed a ‘Double Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after the formation of the two similar bottoms. Also, Prices have been giving a break above the SUPERTREND which is a strong indication of a positive trend. Stock formed a Bullish candle on the chart and closed with a net gain of 2.98%. In addition, The MACD also gave a crossover where the MACD line crosses above the signal line in the oversold zone which is a signal that stock will go in recovery mode.

The momentum on upside remains strong for APOLLOHOSP. On the above chart, we have applied FIBONACCI projection, which is used to determine the price action, support and resistance levels. If it will give breakout of the double bottom pattern then we can expect it to reach a target of 4005/4290/4750 levels which is 50%, 61.8% and 76.4% of Fibonacci levels. On downside stop loss can be placed below 3530 levels.