Technical Analysis Indian Hotels Co. Ltd.

The stock $INDHOTEL is daily chart shows the stock is in a gradual recovery phase. After a heavy correction from the 800 levels down to the 580 mark in April the stock has started forming higher lows which is a positive sign of accumulation. Currently trading around 669.05 is attempting to climb out of its recent consolidation zone and establish a new upward channel. Immediate Resistance the stock is sitting right at a major friction point around the 670–680 zone. You can see previous price rejections in this area. It needs to cross this hurdle to confirm a bullish reversal. Immediate Support on the downside 640 is acting as a reliable immediate support. If the price breaks below that the next major structural base is near the 600 level. For short-term buyers it is best to wait for a decisive daily close above the 680 resistance level before entering fresh positions keeping a strict stop loss below the 640 support mark. Meanwhile existing holders can comfortably continue to hold the stock as long as it trades above 640 as this base keeps the current recovery structure intact.