Technical View
1.The stock has a healthy primary trend as the price action continues to scale up on higher highs and higher lows. It has risen 546% from an all-time low of 60 in 2020 to an all-time high of 389.
2.The price action on the daily timeframe staged a bullish breakout from a bottom rounding pattern on 3rd May 2023.
3.The price action went on to form another base retesting the breakout zone, which indicates accumulation to garner further bullish strength.
4.The stock is thus anticipated that it has undergone an accumulation of professionals’ Buying.
5.The stock has relatively stronger earnings per share strength which indicates great yearly and recent period earnings growth.
6.The price action shows stronger relative performance compared to the 50 index.
7.The RSI across daily, weekly and monthly time frames are trading neutrally above the 70 mark without showing any divergence against the price. This shows thrust in the momentum strength.
8.We reiterate a buy on Indian Hotels at CMP 383 for the target of 418 and a sell stop at 368.
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