INDIAN HOTELS- UPSIDE CAPPED-BOOK PROFIT/ SHORT
INDIAN HOTELS, CMP 855.60; RSI:78.71
Indian hotels has given good runup and created good wealth for investor. Now RSI suggest script is in overbought zone, wave analysis also suggest that upside is capped for the script till 950 to 980 levels. As per the minute level chart analysis, script will face resistance at current level and may retrace to a level of 805 to 775 levels and will form corrective wave-a pattern and bounce back to 910 to 950 level before settling down in consolidation zone.
SHORT @ 910-983
STOP LOSS: 1010
TARGET: 775-805
Indian hotels has given good runup and created good wealth for investor. Now RSI suggest script is in overbought zone, wave analysis also suggest that upside is capped for the script till 950 to 980 levels. As per the minute level chart analysis, script will face resistance at current level and may retrace to a level of 805 to 775 levels and will form corrective wave-a pattern and bounce back to 910 to 950 level before settling down in consolidation zone.
SHORT @ 910-983
STOP LOSS: 1010
TARGET: 775-805
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