This hotel counter stalled its sharp decline at 14.45 in March 2009. Lower levels attracted buying interest resulting in prices stage recovery. Stock completed rounding pattern at 46, but “dark-cloud” cover at this value area in June 2009, short-circuited further advanced.
Prices have since then formed a couple of rounding patterns though of smaller degree, but each signifying continued accumulation. Though 46 has acted as resistance since June, with prices making higher bottoms, indicates bullishness persistent in this counter. Phenomenal spurt in volumes since past few weeks suggests that value buyers too have jumped into this counter, leading to stock finally break aforesaid hurdle of 46. Momentum too has been rising and is comfortably placed in positive zone, a further confirmation of strength in the recent up move. With overall set up being favorable for investing, we recommend a buy in this counter.
Entry : Buy above 53 and dips to 48-49
Stoploss : Below 46
Target : 63 / 70 / 78
Popularity: 11% [?]