Hotel Leela a good stock, can have an investment target Rs 65 : Devang Visaria, Chief, Devangvisaria.com

Devang Visaria, Chief Strategist, Devangvisaria.com, in a chat with ET Now talks about the hotel space.

Considering the Nifty is really heading nowhere, where do you see Hotel Leela and particularly even the hotel space as a whole going forward?

Yeah, the hotel space is showing strong momentum lead by Indian Hotels. You had a very smart up move in Indian Hotels. Also in Hotel Leela, you had one big up move in December 2009 where it rallied from 40 to 50 and then for last 4-5 months, the stock has practically done nothing. You are just trading in a consolidation between 43 and 53 kind of levels. We are now breaking out of this consolidation. This should be a good breakout.

You could possibly have an investment target on the stock of at least Rs 65 or so if you have a horizon of one month or so. But from even a trading perspective, this is a good stock and with a near-term stop loss of 48.80, you have a decent percentage wise gains to be made over the next three or four trading sessions.