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Technical Observations

* The share price of EIH limited has witnessed strong buying demand from the support area of | 125 being the confluence of the recent four months range breakout area (| 123-100) and rising 20 days EMA (currently placed at | 125 levels signaling resumption of up move and offers fresh entry opportunity

* We expect the stock to continue with its positive momentum and head towards | 156 levels as it is the 123.6% external retracement of the recent breather (| 151-126) placed at | 156 levels

* The stock has already taken eight sessions to retrace just 50% of its preceding six sessions up move (| 107-151), a shallow retracement signals a higher base formation and robust price structure

* The daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus validates positive bias in the stock

Buy EIH Limited @ 142.00-145.00 TGT 156 SL 136

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