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The outlook is bullish for EIH. The stock surged about 6 per cent on Tuesday and closed on a strong note. This rise has taken the stock price above ₹255 – a key resistance. This level of ₹255 will now act as a strong resistance-turned-support level. Intermediate dips to this level see fresh buyers coming into the market and limit the downside. Moving average cross over on the daily chart strengthens the bullish case. EIH share price can rise to ₹285 over the next couple of weeks.
Traders can go long now. Accumulate on dips at ₹258. Keep a stop-loss at ₹258. Trail the stop-loss up to ₹271 as soon as the stock moves up to ₹277. Move the stop-loss further up to ₹279 when the price touches ₹281. Exit the long positions at ₹284.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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