Mark This Hospitality Stock for Trading

  • Stock Market Analysis

About the company:

Indian Hotels Co. Ltd (NS: IHTL ) is Tata Group’s Indian hospitality company that owns and operates a portfolio of hotels, resorts, jungle safaris, palaces, spas, and in-flight catering services. The stock is trading very close to its 52- week high level and at a discount of 8.2% compared to its all-time high level. The 52-week high and 52-week low range is Rs 157.30 – Rs 88.60.

Technical observations:

One-week time frame: (Fig 1)

On the weekly time frame, Indian Hotels stock has been consolidating since the end of June 2021. Since then, the scrip endeavoured to break out an important resistance of Rs 148. This week, it seems that the share is trying to break out from the Ascending Triangle pattern. We expect it to trade higher with above-average volumes. Above 60 levels of Relative Strength Index (or RSI) indicates the stock’s positive momentum. Long-term investors should enter as and when we see a follow-up closing of more than Rs 148, i.e. when this level becomes a definite support level. They should maintain a stop loss at Rs 132 on a weekly closing basis.
IH1
One day time frame: (Fig 2)

Indian Hotel stock has been trading in a Falling Channel daily for the last two months. On September 1, we saw a breakout from the Falling Channel. Since then, the share has formed a Symmetrical Triangle pattern. On September 9, the scrip broke out and closed above an important resistance level of Rs 148. Heavy volumes accompanied the move. RSI is above 60, and the Moving Average Convergence Divergence (or MACD) line has crossed the signal line from below. It indicates positive momentum on the scrip. Positional traders should enter at the current level and keep a strict stop loss of Rs 141 on a daily closing basis.
IH2
Conclusion:

We anticipate the stock to maintain positive bias and move higher in the coming sessions. Short-term traders should enter now by keeping a strict stop loss of Rs 145 on a daily closing basis.

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  • Amit Rajak @Amit Rajak
    dear sir I am following you for learning purpose however pls mention targets so that we can analyseregards
    Like 4
    • Sameer Padole @Sameer Padole
      @Amit Rajak Thanks Amit. I do understand your concerns.
      Like 0
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  • Feroz Saudagar @Feroz Saudagar
    Target 🎯🎯
    Like 2

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