Here’s why Vinay Rajani suggests buying Chalet Hotels, UTI AMC


BUY | COTTAGES HOTELS

TARGET: Rs 335





STOP LOSS: Rs 295

The CHALET HOTELS stock is out of its triangle of symmetry on the daily chart. The price breakout was accompanied by a jump in the volume meter. That aside, the daily MACD crossed the signal and the equilibrium line on the upside. Not only that, but the DMI indicator has also turned bullish on the daily charts as the stock attempts to find support at the 50-day EMA. Therefore, one can accumulate the stock with a target price of Rs 335 and a stop loss of 295.


BUY | UTI AMC

TARGET: Rs 788
STOP LOSS: Rs 695

As the stock managed to close above its 5-day EMA, the oscillators on the daily charts broke out of the oversold zone. Recently, the stock formed a bullish “Hammer” candlestick on the daily chart. Thus, we advise investors to take a long position on the security with a price target of Rs 788 and a stop loss of Rs 695.


(Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC Securities. Opinions expressed are personal)

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