indian hotels: Stock Radar: Indian Hotels hit fresh record high in June; experts suggest buy on dips

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Short- to medium-term investors can look to buy the dip for a target of Rs 650-670 in 3-4 weeks, suggested experts.

Synopsis

After rising over over 50% in the last 1 year, the hotel stock has underwent mild time-wise correction since April and is stuck in a range where 622 acted as a stiff resistance on the upside while 500 acted as a support. The recent momentum has lifted the stock to hit a fresh record high of Rs 626 on June 18, 2024, but it lost its steam on Wednesday, in line with the market trend. However, dips towards 605-610 can be used as a buying opportunity, and a close above 622 will take it towards 650 levels.

Indian Hotels hit a fresh record high in June but witnessed mild consolidation thereafter in this week but experts are of the view that the uptrend is still intact. Short- to medium-term investors can look to buy the dip for a target of Rs 650-670 in 3-4 weeks, suggested experts.The hotel stock has risen over 50% in the last 1 year but underwent mild time-wise correction since April. The stock has been stuck in a range where 622 acted as a stiff

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ETMarkets.com

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