Stocks to buy today: Park Medi World shares have been under selling pressure for the last month, losing around 15%. This 15% monthly includes today's fall of over 7%. Park Medi World's share price today opened lower at ₹242.20 per share on the NSE and touched an intraday low of ₹229.10 per share before closing at ₹236 per share. However, the stock witnessed some value buying and pared some losses ahead of the market close.
According to stock market experts, hospital stocks came under selling pressure on Monday and Tuesday due to the Supreme Court's hearing on the drug price cap. They said that Park Medi World shares are among the money-maker stocks in the hospital segment because of strong fundamentals. Park Medi World Ltd has plans to expand its bed capacity, which augurs well for the long-term investors. They said that the stock has a strong support zone at ₹210 to ₹200 on the downside, whereas it is facing resistance at ₹260. On breaking above this resistance, we can soon see the Park Medi World share price touching the ₹300 per share mark.
Pointing towards the reasons which dragged the Park Medi World shares, Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “Park Medi World shares, along with other hospital stocks, came under selling pressure on Monday and Tuesday due to the Supreme Court's hearing on the drug price cap. This means the hospital stock has fallen due to the external reason and its fundamentals are still intact. The final verdict from the Supreme Court is yet to come, which signals this fall more sentimental than fundamental.”
If the stock would bounce back, Gorakshkar said, “Park Medi World shares are among the quality hospital stocks, which have announced to add 1500 more beds. It has existing bed capacity of 3500, this means the CAPEX expansion is on the cards for the multi-speciality hospital. So, this fall should be taken as an opportunity to add more, if someone has this stock in portfolio. Fresh investors can also buy Park Medi World shares in this dip.”
On suggestion to the Park Medi World shareholders after the recent fall, Sumeet Bagadia, Executive Director at Choice Broking, said, “The stock has a strong support base at ₹210 to ₹200. So, I would suggest existing shareholders to hold the scrip, maintaining the stop-loss below ₹200. On the upper side,it is facing resistance at ₹260. On breaking above this resistance, Park Medi World share price may try to touch ₹300 mark.”