Metropolis Healthcare Limited stands at the forefront of Indian diagnostic companies, boasting an extensive network of diagnostic centres spanning India, South Asia, Africa, and the Middle East. This healthcare titan, founded by Sushil Kanubhai Shah and Gomathi Babu Sadacharam Kulandai Velu in 1981, has its headquarters in Mumbai, India.
Diving into Metropolis Healthcare Limited’s stock performance reveals an interesting narrative. Over the past 45 weeks, the stock has remained within a consolidation phase, fluctuating between Rs 1,171.35 and Rs 1,492.40. What truly grabs attention is the emergence of a significant upward trendline, connecting the peak of December 02, 2022, at Rs 1,492.40 with the point on June 28, 2023, at Rs 1,519.95. This trendline plays a pivotal role as an indicator for the breakout level of the trend reversal price pattern, positioned at Rs 1535.
In a recent development, at the start of the weekly trading session, Metropolis Healthcare Limited swiftly reached an intraday high of Rs 1,519.95, surging by more than 2% with robust trading volumes of nearly 7 lakh shares, just beneath the aforementioned breakout trendline. This trading action is supported by 5 DMA. The confirmation of a daily close above the breakout trendline (Rs 1,535) will underscore the stock’s inherent strength and untapped potential.
As we peer into the future, the outlook for Metropolis Healthcare Limited paints an alluring portrait, with a minimum target of approximately Rs 1,920 looming on the horizon. Should this projection materialize, it would signify a remarkable surge of over 25% from the breakout threshold, making it an appealing prospect for pharmaceutical investors.
In light of these compelling developments, Metropolis Healthcare Limited’s stock holds significant promise for astute investors. With its impressive track record in the pharmaceutical sector, the company stands as a noteworthy player to monitor as market dynamics continue to evolve incessantly.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions