Key Points
The stock consolidated in a narrow range where Rs 400 acted as a strong resistance, while on the downside, support was above Rs 370..
The support also corresponds with the 50-DMA on the daily charts..
The stock did surpass Rs 400 levels in intraday trade on Thursday when it hit a high of Rs 405 but saw some profit-taking in Fridays trade...
Indian Hotels, part of the hotel industry, was seen consolidating in a narrow range since June 2023, but a firm close above 400-405 levels could push the stock to a fresh 52-week high.The scrip hit a 52-week high of Rs 405 on 19th June 2023 but failed to hold on to the momentum..
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