Stock Radar: Indian Hotels rallies over 70% in 1 year to hit fresh record high; time to buy or book profits?
Short-term traders can look to buy the stock now or on dips for a target of Rs 685 in 3-4 weeks, suggested experts.
Synopsis
In a remarkable turnaround, the hotel stock surged from ₹380 on June 23, 2023, to ₹649 on June 26, 2024, a staggering 70% increase within a year. However, the rally lost some steam in the latter half, peaking at ₹602 in February 2024 before facing resistance. The stock subsequently consolidated within a range, finding support at ₹480-500 and facing resistance at ₹600-622.
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