We saw a long build up in Indian hotel futures where we saw a 3% increase in open interest (Prov) with a 4% price increase.
The stock’s short-term trend turned positive as it broke through its 5- and 20-day EMAs with higher volumes.
The stock price broke away from the descending trend line, adjoining the highs of 04-May 2022 and 01-Jun 2022.
The RSI oscillators on the daily chart (11) are sloping up and placed above 50, indicating the strength of the current uptrend.
Disclaimer: Nandish Shah is a Technical Research Analyst at HDFC Securities. He holds no position in the stock. Views are personal.
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