The stock of Leela Palaces Hotels & Resorts has been rallying steadily since June. It established rally on the back of the support at ₹400. But after hitting a high of ₹649.80 recently, the price has now moderated to ₹577.70. This price drop is largely a correction decline. There are support levels ahead that can help the stock in resuming the uptrend. The rally is likely to restart from within the ₹560-575 price band and lift the stock to ₹670, possibly by the end of this year.

Video Credit: Businessline

Traders can buy now at ₹577 and accumulate at ₹560. Place stop-loss at ₹540. When the scrip rises to ₹625 and ₹650, alter the stop-loss to ₹575 and ₹620 respectively. Book profits at ₹670.

(Note: The…