Top buzzing stock: Indian Hotels Company Limited
The stock of INDHOTEL is extremely bullish today and has gained over 5% in the initial hours of Friday.
The Indian Hotels Company Limited is a holding company engaged in short-term accommodation activities, and restaurants and mobile food service activities. With a market capitalization of about Rs 28500 crore, it is one of the strong growing company in its sector. The stock has come under the limelight for its recent run-up.
The stock of INDHOTEL is extremely bullish today and has gained over 5% in the initial hours of Friday. On the technical chart, the stock has broken out from its falling trendline and hit a fresh all-time high of Rs 230.80. Along with its strong price action, the stock has recorded above-average volume, which is found to be greater than 10-day, 30-day and 50-day average volume, thus demonstrating larger trading activity. To justify its strong upside momentum, the stock has gained over 25% since its prior swing low of Rs 180.60 in a matter of a few days.
Along with its strong price structure, several technical indicators point towards the strong bullishness of the stock. The 14-period daily RSI has crossed above its prior swing high and is above 68. The trend indicator ADX is pointing northward and indicates good strength. Moreover, the daily MACD continues to rise above the zero line and signal line and points towards a strong uptrend. The bullish bias of technical parameters is validated by huge volume recorded in the past few days.
The stock has been in a strong uptrend in medium as well and has generated over 27% returns on a YTD basis. Moreover, in one month, it has gained about 15% returns, thus outperforming the broader market and other players of the industry.
Considering the strong price structure and volume, bullish technical parameters and recent performance, the stock is expected to trade higher in the coming days. It has the potential to test the levels of Rs 240, followed by Rs 250 in short to medium term. It is a good candidate for swing trade and traders can expect decent gains.
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