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The outlook for the stock of Mahindra Holidays & Resorts India Ltd is bullish. The stock has surged 9.98 per cent on Tuesday. The rally has taken the stock well above the key resistance at ₹225. The breakout above ₹225 has happened with strong volumes. Prior to this rise, the 200-Day Moving Average (DMA) support at ₹210 has provided strong base for more than a week. These factors strengthens the bullish case.
As such the level of ₹225 can now act as a good support. Dips to this support is likely to find new buyers coming into the market. The chances are now high for the stock to revisit ₹260-₹270 levels on the upside in the next one-two months. Traders with a short-term perspective can go long now.
Accumulate longs on dips at ₹226. Trail the stop-loss up to ₹242 as soon as the stock moves up to ₹248. Move the stop-loss further up to ₹249 as soon as the stock touches ₹254. Book profits at ₹260. The bullish outlook will get negated only if the stock falls below ₹210. But looks unlikely as seen from the charts.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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