In the previous session, the markets opened on a strong positive note and remained in a positive territory throughout the day. The Nifty index made a fresh new high near 17245 and closed with a net profit of 157.90 points. Technically, The Nifty Index formed a kind of Bullish Engulfing pattern on the chart which shows strength in the market. Hence, we recommend approaching the markets in a positive way. Use every dip as a buying opportunity to further up move.

Look at the below research report of ‘Stocks to Buy for – Friday, September 03, 2021’before the market opens.

Indian Hotels Co Ltd

NSE :INDHOTEL   BSE :500850  Sector : Hotels & Restaurants

In the last trading day, Stock closed with a bullish candle near 149.50 level. As per wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 5. After taking a support and bouncing off from corrective wave 4 near 132-133 levels, stock is trying to resume its up move again. Since price has managed to sustain above 9 Days EMA which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 64.04, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock near 145-147 levels for an upside target of 157 levels. This outlook is valid as long as we do not see any closing below 9 days EMA support.

Check More Analysis on INDHOTEL at: Indian Hotels Co Ltd