Indian Hotels Stock Price: Big Movers on D-St: What should investors do with Cochin Shipyard, Allcargo Logistics and Indian Hotels?

The Indian market snapped its two-day losing streak to close in the green on Friday, following positive global indices.

S&P BSE Sensex rallied nearly 1,200 points while Nifty50 closed above 18,300 levels.

Targeted actions included names such as

which increased by almost 9%, which increased by almost 8% and which fell by almost 7%.

Here’s what Pravesh Gour, Senior Technical Analyst, recommends investors do with these stocks when the market resumes trading today:

Cochin Shipyard: Buy

The meter witnessed a breakout of the flag formation on the daily chart with strong volume. It retested its previous breakout levels at around Rs 560 during Friday’s trading session and started a new leg of the rally.

In the longer time frame, it broke above the neckline of the pattern placed around the Rs 600 levels and moved towards new all-time highs.

The overall structure of the counter is very traditional and bullish. The MACD (Moving Average Convergence Divergence) supports the current strength, while the momentum indicator RSI (Relative Strength Index) is also in positive balance.

On the higher side, Rs 700 is immediate resistance; above that, we can expect the rally to reach the Rs 800+ levels, while below, Rs 500 is crucial support in any correction.

Allcargo Logistics: Buy

The counter is coming out of a symmetrical triangle formation on the daily chart. While on a weekly basis, it witnessed a breakout from a flag formation with huge volume.

The overall structure is very lucrative, as it is trading above its most important moving averages. On the upside, Rs 480 is an immediate resistance area.

A close above Rs 480 could take the stock towards the Rs 500 levels in the short term. On the other hand, Rs 400 is a major support for any correction.

The momentum indicator RSI (Relative Strength Index) is also in positive balance, while MACD (Moving Average Convergence Divergence) supports the current strength.

Indian Hotels: Buy

The counter is in a classic uptrend, but it is moving into the long Rs 300–350 consolidation range. The counter structure also looks good, but it closed today’s trading session below the 9, 20 and 50-SMA moving averages and above the 100 and 200-SMA moving averages.

On the lower side, Rs 300 acts as strong support; below this will also confirm a break of the double top formation, and we can expect a drop to the Rs 260 levels in any major correction.

On the higher side, Rs 350 is the significant resistance; above that, Rs 380 is the short-term target.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Karen J. Nelson