In the previous session, the Nifty index saw a mild gap up opening and made a high near 16695.50 levels. The market remained in a positive territory throughout the day. Technically, the Nifty index formed a bullish candle on the chart and closed with a net gain of 308.95 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, May 31, 2022’ before the market opens.

Indian Hotels Co Ltd

In the daily time frame, Stock is moving in the form of a small ‘Symmetrical Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart. In the last trading day, Indian Hotel share prices formed a bullish candle on the chart and closed with a net gain of 5.67%. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend.

In a nutshell, the trend of Indian Hotels is positive. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 246 levels. For the near term, the zone of 224 has now become a key support for the stock. ‘Buy on dips’ would be an ideal strategy to accumulate the stock.