EIH stock has witnessed the formation of 'Death Cross'. ITC Hotels, EIH Associated Hotels, Taj GVK and Mahindra Holidays have also seen the similar bearish formation in the recent past.
The average trading volumes at the Taj GVK counter jumped 10-fold with a combined 3.58 mn shares representing 5.7% of total equity of changing hands on the NSE and BSE in Tuesday's intra-day trade.
Technical charts suggest that share price of ITC Hotels, Indian Hotels, Taj GVK, Lemon Tree and Chalet Hotels could see up to 20 per cent upside from here.