Stock market today: Amid range-bound trade in early morning deals, hospitality stocks witnessed sharp upside move as hospitality major Lemon Tree share price shot up over 7 per cent whereas shares of Chalet Hotels surged over 10 per cent in opening bell. Speciality Restaurants, Westlife Development and Indian Hotels were among other hospitality stocks that witnessed sizable surge in intraday session today. According to stock market experts, this sudden rally in hospitality stocks can be attributed to Maharashtra state government’s decision to ease Covid-19 restriction in the state. They said that hospitality stocks have received maximum beating during the spread of deadly virus and now such stocks are expected to give sharp upside move in the wake of easing Covid crisis. They said that stocks like Speciality Restaurants and Indian Hotels can be a good bet for a positional investor if they are looking for fresh position in any hospitality stock.
Speaking on the reason for rise in hospitality stocks; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Hospitality stocks are skyrocketing today and the major reason for this rally is recent Maharashtra state government’s decision to ease Covid-19 restrictions in the state. As hospitality stocks have received maximum beating into the hands of bears during Covid pandemic, such big trigger may continue to push hotels and restaurants share for few more sessions. A positional investor can take position in these hospitality stocks once then come little down from its intraday lows.”
On which hospitality stock to buy today; Sumeet Bagadia, Executive Director at Choice Broking said, “Speciality Restaurants and Indian Hotels shares are looking strong on chart pattern. Speciality Restaurants shares can be bought at current market price for short term target of ₹175 to RS 180 maintaining stop loss at ₹135. Similarly, one can buy Indian Hotels shares at current market price for short term target of ₹225 to ₹230 maintaining stop loss at ₹190 apiece levels.” For those who have limited amount for investing, the Choice Broking experts advised such investors to buy Speciality Restaurants shares as it is looking highly bullish on the chart pattern.”
The Maharashtra state government on Wednesday announced to ease Covid-19 restrictions in 14 districts including Mumbai as infections remain muted. The Maharashtra government issued notification in this regard allowing shopping complexes, cinema halls and theatres to function at 100 per cent capacity in these 14 districts.
“All shopping complexes, cinema halls, restaurants and bars, sports complexes, gyms, spas, swimming pools, religious places, drama theatres (natyagrihas), tourist places, entertainment parks etc are allowed to operate with 100 per cent capacity in these districts,” the notification said.
The 14 districts are: Mumbai city, Mumbai suburban, Pune, Bhandara, Sindhudurg, Nagpur, Raigad, Wardha, Ratnagiri, Satara, Sangli, Gondia, Chandrapur and Kolhapur.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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