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The outlook for Indian Hotels is bullish. The stock has been moving up very well since the beginning of this month. The 4 per cent rise this week has taken the share price well above the key intermediate resistance level of ₹620. The region between ₹625 and ₹620 will now act as a strong support zone. Intermediate dips to this support are likely to find fresh buyers in the market and limit the downside.
Indian Hotels share price can rise to ₹670 in the coming weeks. Traders can go long now at ₹638. Accumulate on dips at ₹628. Keep the stop-loss at ₹617. Trail the stop-loss up to ₹643 as soon as the stock moves up to ₹658. Move the stop-loss further up to ₹659 when the price touches ₹661. Exit the long positions at ₹665.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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