Medium Term Technical Pick – Hotel Leela

Buy
CMP:58
Target:77
Stop Loss:49

•In the month of January 2010, Stock made a high at 52.50 and has been in a
consolidation since then between 43-53. In the month of September 2010 stock
has given breakout from the range and made new higher top at 58.

•Technically, stock has given breakout from the 8 months old ascending Triangle
pattern and continues to make higher Tops and higher Bottoms.

•In the weekly chart it is clearly visible that V-Shape recovery has emerged
from the bottom. Now, stock has crossed the 50% retracement and has strong
momentum to reach the January 2008 high.

•Medium term trader can buy Hotel Leela at current level for the Target of 77
with Stop-Loss of 49 which is a weekly support level as per Parabolic SAR.

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