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Drumbeat: Ad Buzzaar
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Wednesday, June 24, 1998
Indian Hotels: Sell on rally
Deepak Singh Tanwar
The current position of price chart and oscillators suggest that the stock price of Indian Hotels have entered into negative phase. With the latest fall to Rs 395, the stock has broken its two major support levels of Rs 464 and Rs 460 respectively. The penetration of these levels suggest that the donwtrend is expected to last for a longer period.In the process, the oscillators have also dipped to new lows. As such, the medium term outlook for the stock appears grim. However, all the oscillators are in the oversold zone, a minor rally is likely. As such, for medium term investors, while a part of portfolio should be liquidated now, the rest can be sold on minor rally. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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