The Indian Hotels Co. Ltd.

24 de nov. de 2024

The chart for Indian Hotels (INDHOTEL) shows a strong uptrend, with the stock consistently making higher highs and higher lows within a rising channel pattern. The stock is trading well above its 50-day MA (698.27), 100-day MA (662.68), and 21-day EMA (722.19), indicating bullish momentum across all timeframes, further supported by the alignment of these averages in an ascending order. A recent volume spike during upward moves confirms strong buying interest, adding credibility to the trend. However, the RSI at 73.28 suggests the stock is entering the overbought zone, indicating the possibility of a short-term correction or consolidation. The MACD shows a bullish crossover with the MACD line above the signal line and an expanding histogram, reinforcing upward momentum. If the stock breaks out above the upper channel resistance around 810–820 with high volume, it could target levels of 850–880, with a stop-loss at 780. Alternatively, if it pulls back from resistance, support near the lower trendline (700–710) or the 21-day EMA (722) could provide entry opportunities for a swing trade. Risk-averse traders should wait for the RSI to cool below 70 before entering, while breakout traders can watch for confirmation of a breakout or reversal at support levels. Overall, the stock remains bullish, but caution is warranted due to overbought conditions.