This hotel sector stock has jumped 50% in just 3 months to hit an all-time high on September 20! Do you hold it?
MHRIL is one of the strong growing companies in its sector and has a major market presence in India.
The Indian indices have roared during Tuesday’s trading session, and strong buying is seen across midcap stocks. Meanwhile, the shares of Mahindra Hotels & Resorts India Ltd (MHRIL) have soared over 6% amid strong buying interest from traders. With this, the stock price has hit its fresh all-time high level of Rs 313.50 on NSE. It is in a strong uptrend, having soared over 50% in less than 3 months.
It has been a proven multibagger, having doubled its value in just 3 years. After the past few trading days, the stock had been consolidating in a range and has registered a strong price volume breakout. The volume rose over 6-times its previous day’s volume and is greater than the 30-day average and 50-day average volume. On the weekly technical chart, the stock has formed a higher high and higher low which is a positive sign.
Along with its positive price pattern, the stock is quite bullish from a technical perspective. The 14-week RSI (75.85) is in the super bullish zone and suggests strong strength in the medium term. The ADX (38.91) is upward trending, which is a positive sign. The OBV is at its peak, which is a strong indication of massive buying in the stock. Interestingly, the MACD has given a bullish crossover. The Elder Impulse System has charted a bullish bar, which shows fresh buying interest. The KST and TSI indicators have a bullish stance toward this stock. In a nutshell, the stock is expected to trade higher from here on and a positive bias is likely to be maintained by the market participants as it shows no sign of weakness.
Swing traders have a good opportunity to take advantage of such bullish stock. Also, long-term investors can include it in their watchlist to track its further progress!
MHRIL is one of the strong growing companies in its sector and has a major market presence in India.
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