Rainbow Children’s Medicare share price retraces after testing ₹500 levels

Market


Rainbow Children’s Medicare share price today appreciated after a discounted debut on Tuesday. However, after making a new high of 517.90 levels on NSE, the multi-chain hospital stock retraced and came below 500 levels. According to stock market experts, Rainbow share price is expected to remain a ‘sell on rise’ stock and any rebound in the counter should be seen as ‘exit’ opportunity by shareholders. However, they said that those who have high risk appetite can hold the counter for long term.

Speaking on Rainbow Children’s Medicare share price outlook, Santosh Meena, Head of Research at Swastika Investmart Ltd said, “Rainbow Children’s Medicare has a specialized nature of business, an experienced management team, proven ability to attract, train and retain high-caliber medical professionals, but the hospital business is a highly competitive and normalization of profitability post-Covid makes it suitable only for aggressive investors for the long term.” Santosh Meena of Swastika Investmart went on to add that Rainbow share price opened at discount as secondary markets are highly volatile these days.

Suggesting fresh investors to avoid taking any position in Rainbow shares, Ravi Singhal, Vice Chairman at GCL Securities said, “Those who have short to medium term view should avoid taking any fresh position in this multi-chain super specialty hospital stock. Those who have this stock in their portfolio are advised to look at any rebound in the stock as exit opportunity. Tuesday close of 450 apiece should be seen as immediate support for the stock and my suggestion to existing stock holders to maintain strict stop loss below 450 and wait for any rebound in the counter.”

Rainbow Children’s Medicare shares made debut in ‘B’ group of securities on NSE at 510 per share levels, around 6 per cent lower from its upper price band of 542 per equity share.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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