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Buy INDHOTEL at Cmp 3438 Upto 333 For the Target of 380-410 with SL of 304

The price of INDHOTEL has been rising steadily. After a significant surge, the stock appears to have moderate profit booking. However, for those that invest for the long term, a corrections just a minor hiccup. The stock is trading near a 52-week high with rising in volume activities and has given Breakout of an Upper Bollinger Band which points out strength for upcoming weeks.

On a daily chart, the stock has given an upside breakout of the rising wedge pattern and taken support from the neckline, and sustained above the same can suggest a northward journey in the counter.

A daily momentum indicator Stochastic has shown a positive crossover on the daily chart which adds more bullishness to the price.

Furthermore, the stock has been trading above all the important moving averages (21,89,100&200 DMA) which is a sign of the strength of the counter.

On a weekly chart, the price has shifted above “Ichimoku Cloud” where TenkanSen has crossed KijunSen, which indicates bullish signals for the near term.

As per the above-mentioned technical parameters, we are expecting a bullish movein the stock for the target at 380-410 levels.

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