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Sector Spotlight: Healthcare in focus today; analysts recommend 3 stocks to buy on Tuesday for high returns
Even as the stock markets ended almost flat on Monday, the healthcare and pharmaceutical stocks were in focus. Stocks including Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Syngene International Limited and Laurus Labs Limited were among the top gainers in the Nifty500index
Even as the stock markets ended almost flat on Monday, the healthcare and pharmaceutical stocks were in focus. Stocks including Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Syngene International Limited and Laurus Labs Limited were among the top gainers in the Nifty500index.
At least two analysts Zee Business Digital spoke to were bullish on the hospital stocks.
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Nifty Healthcare Index also ended positively on Monday and was one of the best performing indices on the intraday basis, gaining almost 2 per cent from the last closing price on Friday. It was trading at 8847.25 or higher by almost 184 points. In the 20-share index, 16 advanced while 4 declined.
Technical Analyst Nilesh Jain said that the index is poised well to test targets between 9000 and 9100.
He sees a strong support at 8600. Jain, who is also Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that Nifty Healthcare index has made a symmetrical triangle formation at the bottom, which suggests a trend reversal.
Jain recommended three stocks to buy from the sector while recommending a hold on one stock.
Apollo Hospitals: Buy| LTP: Rs 5084| Target: Rs 5400| Stop Loss: Rs 4900| Upside 6%
Apollo Hospitals Enterprises Limited was among the biggest gainers in this segment and was trading at Rs 5084 at the closing time, higher by 9 per cent from the Monday closing price. The stock is a strong candidate for Hold said Jain for a target price of Rs 5400. The ideal levels to buy this stock is around Rs 4950, he added. There is a major hurdle at levels around Rs 5200.
Meanwhile, Tradeswift Director Sandeep Jain also advised a Hold on this stock for the target of Rs 5500. His suggestion to investors is to avoid new positions in this stock at current valuations, calling valuations expensive. He said that the right levels to buy this stock is between Rs 3500 and Rs 4000. He was, however, bullish on the sector and the stock.
Metropolis: Buy| LTP: Rs 3344| Target: Rs 3500/3600| Stop Loss: Rs 3050| Upside 7%
Metropolis Healthcare Limited shares have seen a breakout from triple top. Buy on decline is recommended and the right levels to buy is between Rs 3250 and Rs 3300, Jain said. The stock ended up 8 per cent from the Friday closing price on the NSE at Rs 3344.55.
Fortis: Buy| LTP: Rs 276| Target: Rs 300| Stop Loss: Rs 256| Upside 8%
Jain recommends a buy on decline in the Fortis Healthcare share saying that this stock has already moved some distance. The right levels to enter this stock is Rs 270 and Rs 273. This stock today ended at Rs 276 on the NSE at the time of recommendation and was up 7.3 per cent. This stock is not part of the Nifty Healthcare index.
Max Healthcare: Buy| LTP: Rs 362| Target: Rs 370/380| Stop Loss: Rs 330| Upside 5%
Max Healthcare Institute Limited has reported a strong Q2FY22 earnings results. Today, the stock was trading at Rs 362.80 on the NSE around this time. It was up over 5.6 per cent from the Friday closing price. Jain sees a target price between Rs 370 – Rs 380 and recommends but at current levels and on declines. The stock has seen a base formation at Rs 335 which acts as a strong support. This stock is also not from the Nifty Healthcare index.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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