Multibagger stock below Rs 100: This smallcap hotel stock surged 50 per cent in just 5 days! Do you own it?
Stock closed at 20 per cent upper circuit from last 2 sessions
On Wednesday, Nifty small cap 100 witnessed strong rally and closed 1.76 per cent up around day’s high. One small cap stock from Hotels and Restaurants industry rallied almost 50 per cent in last week and closed near to its upper circuit of 20 per cent yesterday, backed by massive volumes during the initial hours of the day.
The stock is Asian Hotels (N) (NSE Scrip Code: ASIANHOTNR), which is a 159-crore market cap company that operates in Hospitality/Hotel Operations in the Northern region of India.
Technically, the stock is in consolidation from June 2021 in the range of Rs.105 to Rs.68 by making lower highs and equal lows. In the last 4 trading sessions, the stock bounced from its previous swing low with massive volumes above 100day’s average and became the talk of the town.
Finally, the stock managed to close above its previous swing high of Rs 99 which was protected by bears from the last 7 months. Currently, it closed at Rs 103 level, just below its next resistance zone on NSE. Follow-up buying can be expected in upcoming sessions once it sustains above this resistance zone.
Small cap traders and investors should add this stock to their watchlist to track it closely.