Technical Analysis

Indian Hotels (₹237.9): BUY

Gurumurthy K |BL Research Bureau | | Updated on: May 30, 2022

Book profits at ₹275

The outlook for the stock of Indian Hotels is bullish. The 5.8 per cent rally on Monday has marked the end of the sideways consolidation in place for more than two weeks. It indicates the beginning of a new leg of upmove. Immediate support is at ₹233. The chances are high for the stock to sustain above this support itself. A much lower supports are at ₹226 and then at ₹220.

The stock can rally to ₹280 in the next one-two months. Traders with a short-term perspecitve can go long at current levels. Accumulate longs on dips at ₹234 and also at ₹228 if there is dip below ₹233. Keep the stop-loss at ₹218. Trail the stop-loss to ₹242 as soon as the stock moves up to ₹256. Move the stop-loss further up to ₹262 as soon as the stock touches ₹271. Book profits at ₹275. The bullish outlook will get negated only if the stock breaks below ₹220. In that case the stock can fall to ₹210-₹205. But such a fall looks less likely. Dips to ₹233 is more likely to bring fresh buyers into the market and limit the downside.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on May 31, 2022
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