Apollo Hospitals has witnessed a sharp correction from the 9000 resistance zone but the bigger bullish structure is still looking interesting. If we observe the weekly chart, the stock has been respecting its long-term rising trendline since 2022 and every major correction towards this support has eventually attracted buyers. Recently price broke above its previous resistance trendline and rallied towards 9,000 before facing selling pressure. Now the stock has corrected towards the 7600–7800 region where multiple important technical levels are coming together. The rising trendline, previous breakout structure and 100 EMA near 7,578 are creating a strong support confluence. This is exactly the kind of zone where buyers may start accumulating again. The weekly RSI has also cooled down towards 41 after the correction, which means much of the earlier bullish momentum has been reset without necessarily damaging the long-term trend.
What makes this setup even more interesting is the strong underlying business performance shown in the chart. Quarterly sales growth has remained healthy while EPS has continued improving, suggesting the recent price correction may be more about profit booking than deterioration in the broader growth story. From here, if buyers successfully defend the 7600–7800 support region and price starts sustaining above 8000–8200, we could see momentum gradually returning. The first major resistance will be around 8,700–9,000 where sellers previously dominated. Once that zone is cleared with a strong weekly closing, the stock could enter a fresh expansion phase towards 9500 and potentially new all-time highs. The important thing is that Apollo is correcting into a long-term support structure rather than breaking its entire bullish trend. If buyers defend this zone, this sharp fall could eventually turn into the base for another powerful rally.
What makes this setup even more interesting is the strong underlying business performance shown in the chart. Quarterly sales growth has remained healthy while EPS has continued improving, suggesting the recent price correction may be more about profit booking than deterioration in the broader growth story. From here, if buyers successfully defend the 7600–7800 support region and price starts sustaining above 8000–8200, we could see momentum gradually returning. The first major resistance will be around 8,700–9,000 where sellers previously dominated. Once that zone is cleared with a strong weekly closing, the stock could enter a fresh expansion phase towards 9500 and potentially new all-time highs. The important thing is that Apollo is correcting into a long-term support structure rather than breaking its entire bullish trend. If buyers defend this zone, this sharp fall could eventually turn into the base for another powerful rally.
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