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The short-term outlook is bullish for Indian Hotels. The stock had surged about 12 per cent last week recovering all the loss made earlier this month.
The 3.8 per cent rise on Friday has taken the share price well above ₹637 - an intermediate resistance. Positive moving average cross over on the daily chart strengthens the bullish case. The level of ₹637 can act as a strong support.
Indian Hotels share price can rise to ₹685 in the next couple of weeks or even earlier than that. Traders can go long now at ₹647. Accumulate on dips at ₹640. Keep the stop-loss at ₹628 initially.
Trail the stop-loss up to ₹655 as soon as the stock moves up to ₹665. Move the stop-loss further up to ₹668 when the price touches ₹675. Exit the long positions at ₹680.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
- Also read: Currency Outlook: Dollar remains stable
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