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Indian Hotels has been in a strong uptrend, reporting higher highs, higher lows formation since October last year. The stock formed strong bullish candlestick pattern on the daily charts with above average volumes.
A drop below 21,700 might trigger panic in the Nifty 50. Conversely, a decisive move above 22,125 could spark a smart rally in the market.
The market has already discounted future stability in policies to some extent, which leaves little room for the index to rise further, says Lochab
After the MPC outcome, the benchmark indices saw a rush to book profits, that drove the BSE Sensex down 493 points to 71,659, and the Nifty 50 down 137 points to 21,793, forming a bearish candlestick pattern on the daily charts
The hourly chart reveals ongoing strength in both MACD (moving average convergence divergence) and RSI (relative strength index) indicators, hinting at sustained positive momentum.