Stock Picks - Buy Indian Hotels Company Ltd For Target Of Rs. 145 - ICICI Direct
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Technical Observations
* The share price has witnessed a faster pace of retracement, as it retraced past 4 week decline (| 130 to 118) in just single week, indicating robust price structure. Thereby offering fresh entry opportunity
* The stock has formed a higher base above its 10 week EMA which has been held on multiple occasions since May 2020, indicating elevated buying demand
* We believe, The stock has immediate support at | 125 levels as it is 50% retracement of the current up move (| 119 to 131)
* The weekly MACD is seen taking support at its nine periods average thus validates positive bias
* We expect stock to continue with its current momentum and head towards | 145 levels as it the 261.8% external retracement of the recent breather (| 130 to 119)
Buy Indian Hotels Company Ltd @ 129.00-133.00 TGT 145.00 SL 124.50
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