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Last Updated : Feb 25, 2014 12:24 PM IST | Source:

Buy Indian Hotels; target of Rs 72-76: Way2Wealth

Way2Wealth is bullish on Indian Hotels Company and has recommended to buy the stock with a stop loss of Rs 52 for target price of Rs 72 and Rs 76 in its February 11, 2014 research report.

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Todays L/H

Way2Wealth's special report on Indian Hotels Company

"After remaining into severe downtrend from 111 levels, the stock was into a bear trend for almost a period more than 3 years. During this downtrend price was trading in a downward sloping channel. Recently it has been observed that the stock has given a breakout from its downward sloping channel on its weekly charts. After making a low around 37.50 price has tested the channel lows and have closed successfully above the channel on weekly basis. Price is also making higher highs with higher lows which indicate uptrend intact. It had provided a breakout from an inverse head and shoulders pattern after which it has retested the same now. After retesting the pattern it has provided a breakout from the downward sloping channel. The increase in volumes after the breakout from inverse head and shoulders was also observed which a positive sign for the bulls is," says Way2Wealth research report.



Broadening of the Bollinger Band suggest uptrend on cards.

Strong Volume on bottoms indicates informed sources buying.

On Daily Charts Price is trading above its 15, 34 & 55 Days Exponential Moving Averages which informs of a bullish trend and the momentum on weekly charts is gaining.

High Volume on break of channel adding to bullish argument.

Investment Strategy:
Buy 50% quantity at CMP of Rs 60 and remaining 50% on dips to Rs 56 with a stop loss of Rs 52 for a first target of Rs 72 and second target of Rs 76.
Risk/return ratio: 1: 2.33

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Feb 25, 2014 12:23 pm
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