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MTF Stock Pick Buy EIH Ltd For Target Rs. 119 - HDFC Securities 

TECHNICAL OBSERVATIONS

The sharp down trended movement over the previous 5-6 weeks seems to be over in this Hotel stock in last week at the swing low of Rs 100 levels.

A sharp upside bounce has occurred in this counter from near the crucial lower support of ascending trend line at Rs 102 levels and the stock price is now trading higher.

This pattern could signal a formation of an important bottom reversal and one may expect further upside in the near term.

Weekly DMI/ADX oscillators are showing further strengthening of upside momentum in the stock price ahead.

The overall chart pattern of EIHOTEL indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.

Buy EIH Ltd Up to 3 Months @ Add on dips 101.50 CMP 107.20 TGT 119 SL 98.50

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