Hotel Leela has support at Rs 35: Gujral

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Hotel Leela has support at Rs 35: Gujral

Hotel Leela Venture has support at Rs 35 and it can go back to RS 43, says Technical Analyst, Ashwani Gujral.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Hotel Leela See messages about Hotel Leela Hotel Leela BSE | NSE 10/02/12 Are Mutual Funds betting on Hotel Leela?

Hotel Leela Venture has support at Rs 35 and it can go back to RS 43, says Technical Analyst, Ashwani Gujral .

Gujral told CNBC-TV18, "There are several stocks, which have broken out. EIH has been in a range of Rs 100-146, so getting towards the higher end of the range. Hotel Leela has support at Rs 35; it could get up to Rs 43 and even Rs 55. Now money is moving into stocks, which haven't moved, so hotels had not moved really in this entire rally. Indian Hotels could get up to levels of Rs 85 and even smaller ones Royal Orchid also moved up and that could get up to Rs 85-90."

He further added, "Now all of these double digit type counters are likely to run-up above 5,000-5,100 on the Nifty. People are sort of calling 5,000-5,100 as a top but anecdotally there is hardly any evidence of frenzy or the kind of behaviour that you see from retail ahead of intermediate tops, so people could be wrong by about 10% here and you could find yourself at Rs 5,500-5,600 rather than 5,100 by the time this rally is over."