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The broader markets are somewhat trading in a range, moving up and down throughout the day, with the benchmark index trading 0.08% down at 20,057, by 2:11 PM IST. One stock that is outperforming the markets in today’s session and that should be kept on the radar of bulls is Narayana Hrudayalaya Ltd (NS:).
The company operates a network of hospitals in India and has a market capitalization of INR 21,021 crore. It has a total of 45 healthcare facilities with a total capacity of 6,164 beds. In Q1 FY24, the company posted a 19.8% YoY increase in revenue of INR 1,248.52 crore while the net income jumped 66.4% YoY to INR 183.96 crore. As per the June 2023 shareholding pattern, FIIs have increased their stake to 11.1%, from 10.3% in June 2022.
Image Description: Daily chart of Narayana Hrudayalaya with volume bars at the bottom
Image Source: Investing.com
The stock has delivered multibagger returns since its listing on the Indian bourses in January 2016. The consistent rally from the March 2020 low has been phenomenal as the stock is up around 430% from the INR 205 odd level to the CMP of INR 1,087.
It might seem the rally is too stretched to make a fresh position but technically the bull run is still intact and this is where the big money is made. The stock had been consolidating in a range for some time and today, it broke above the resistance of this range, gaining around 5% to INR 1,087.
This breakout is also backed by a heavy volume of 1.48 million shares, which is 537% higher than the 10-day average volume of 232K shares. This kind of volume expansion is quite a healthy sign for the impending rally and the stock being at an all-time high has virtually no resistance levels present above it that can put pressure on the move.
Short-term long holders can eye for the next level of INR 1,190 – INR 1,200. To manage the risk, traders can look for the support of the range, which is around INR 970 to place a stop loss exit.
Thank you to all who attended yesterday’s webinar by Aayush Khanna. Those of you who missed the session can access the full recording here: https://shorturl.at/rHQYZ.
Remember, the once-in-a-lifetime offer of a 65% discount on InvestingPro+ via the coupon code PROW629 is only valid till 30th September 2023 and for new subscriptions only.
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