Top buzzing stock: Indian Hotels Company Ltd
5paisa Research Team
Last Updated: 2nd May 2022 - 12:39 pm
Indian Hotels Company Limited is a largecap company, engaged in accommodation and leisure activities, restaurants and mobile food services. The stock is in limelight due to its recent run-up.
The stock of INDHOTEL is extremely bullish lately and has surged about 3% on Monday’s trading session. With this, it has marked a fresh all-time high of Rs 265.45. On the technical chart, it has formed a series of bullish candles and has gained about 12% in the past four trading sessions. The volumes have been above average during this period, thus indicating strong buying interest among the market participants. Interestingly, it has made a V-shaped recovery on the daily chart, and the level of Rs 230 emerged as the strong support level for the stock.
Along with its strong price structure, several technical indicators point their pointers towards the bullishness of the stock. The 14-period daily RSI (68.26) indicates a strong strength in the stock. The +DMI is well above the -DMI and indicates a positive uptrend of the stock. Meanwhile, the MACD has hinted toward the bullish crossover. The On Balance Volume (OBV) signalled strong strength from the volume’s perspective. The Elder Impulse System and KST maintain the buy signal.
The stock has performed exceptionally well recently. On YTD basis, it has gained over 45%. In a three-month time, it has surged about 20% and in one month, the stock has gained about 10%. Thus, we see that the stock is in bullish mode for quite some time. It has outperformed most of its peers during this time. Considering the above facts, the stock is expected to test the level of Rs 280, followed by Rs 300 in times to come. It presents a good opportunity for swing trading. Short term traders can expect good gains from it in near term as validated by the technical analysis.
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