stock market today Amid limited trade in early morning deals, hospitality stocks were up as hospitality major Lemon Tree’s stock price rose over 7 per cent, while Chalet Hotels shares gained over 10 per cent in the opening round. Specialty Restaurants, Westlife Development and Indian Hotels were among other hospitality stocks that saw a huge jump in the intraday session today. According to stock market experts, this sudden jump in hospitality stocks can be attributed to the Maharashtra state government’s decision to ease the COVID-19 restrictions in the state. He said that hospitality stocks have fallen the most during the spread of the deadly virus and now such stocks are expected to give a sharp jump in view of mitigating the covid crisis. Stocks like specialty restaurants and Indian hotels can be a good bet for positional investors if they are looking for new positions in a hospitality stock, he added.
Speaking on the reasons for the rise in hospitality stocks; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Hospitality stocks are skyrocketing today and the main reason for this rally is the recent decision by the Maharashtra State Government to ease the Covid-19 restrictions in the state. During the covid pandemic, such a huge trigger could push hotel and restaurant holdings for a few more sessions. A positional investor can take a position in these hospitality stocks once, then slightly below their intraday low can come down.”
Which hospitality stock to buy today; Sumeet Bagdia, Executive Director, Choice Broking said, “Specialty Restaurants and Indian Hotels stocks are looking strong on the chart pattern. Shares of Specialty Restaurants can be bought for short term target at current market price. Maintaining Stop Loss at 175 to RS 180 135. Similarly, no one can sell the shares of an Indian hotel at the current market price of . Can buy for short term target of from 225 maintain stop loss at 230 190 each level.” For those who have limited amount to invest, Choice Broking experts advise such investors to buy shares of Specialty Restaurants as it is looking very bullish on the chart pattern.
The Maharashtra state government on Wednesday announced easing of COVID-19 restrictions in 14 districts, including Mumbai, as the infection remains silent. The Maharashtra government has issued a notification in this regard allowing shopping complexes, cinema halls and theaters to function at 100 percent capacity in these 14 districts.
“All shopping complexes, cinema halls, restaurants and bars, sports complexes, gyms, spas, swimming pools, religious places, drama theaters (theatres), tourist places, amusement parks etc. to be allowed to operate with 100 per cent capacity in these districts Is. “The notification stated.
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 given above are those of individual analysts or broking companies and not of Mint.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!