Consider Mahindra Holidays & Resorts India Ltd for Trading

  • Stock Market Analysis

About the company:
Mahindra Holidays & Resorts India (NS: MAHH ) Ltd is part of the Leisure and Hospitality sector of the Mahindra Group. It offers family holidays primarily through vacation ownership memberships. The stock closed at a 52-week high on July 5. The 52-week range is Rs 152 – Rs 287.

Technical Observations:

One week time frame: (Fig 1)

The stock has made an all-time high in 2021 on May 24, of Rs 281 and pulled back in the subsequent weeks to Rs 245. Yesterday, we witnessed a breakout, and the stock made a 52-week high of Rs 287. Average volumes accompany this. RSI has moved over 70, which supports strength for upward momentum.

One day time frame: (Fig 2)
The stock has broken out of a bullish flag pattern on the daily timeframe. This move is accompanied by the above-normal volume depicting a bullish pattern. This may result in further momentum in the stock. RSI may further move beyond 70 from below on a daily timeframe, suggesting positive momentum.
Observations: One-hour time frame (Fig 3)
We saw a break out on July 2 from the level of Rs 460. The stock made a high of Rs 260, made a high of Rs 287, and then pulled back and made a base of Rs 280. We saw another breakout on July 5, confirming the trend. Our suggestion will be to wait for a pullback which will present a good entry point in the stock. It is noteworthy that average volumes accompany the positive movement in the stock on the one-hour time frame chart.
Note that the stock has already shown a move of more than Rs 10 since yesterday's close. We expect the share to maintain positive bias and head higher in the current week. Traders should trade long on any pullback by keeping Rs 265 as stop loss on a daily closing basis.

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