ITC Hotels, Taj GVK Hotels & Global Health: What Ashish Chaturmohta of JM Financial says on these 3 stocks

Ashish Chaturmohta, ED & Fund Manager at JM Financial Services, on Tuesday said the hotel and hospital segments are expected to do well in the near term. The market expert liked ITC Hotels Ltd, Taj GVK Hotels & Resorts Ltd and Global Health Ltd (Medanta's parent) from the select two spaces.

"There is a structural trend in the hospitality space and a decent value is emerging in ITC Hotels. Rs 185-186 levels would act as a strong support. On the higher end, the stock has potential to hit an upside target of Rs 240," Chaturmohta told Business Today.

The market specialist also mentioned that Taj GVK looked 'promising' from the hotel space. "The recent dip should be used as an opportunity to accumulate. Rs 460 would be a strong support for the counter. If it holds this support level, then it can see a potential upside target of Rs 600," he stated.

From the hospital sector, Chaturmohta said Medanta could be an attractive bet at current levels. "Major support for Global Health would be at Rs 1,200. The expected target price for Medanta would be Rs 1,600," he suggested.

Meanwhile, Indian equity benchmarks continued to rally for the seventh consecutive session today, led by gains in IT, financials and private banks. However, broader indices (mid- and small-cap shares) were down.

Four out of the 17 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT, Nifty Financial Services, Nifty Private Bank and Nifty FMCG were outperforming the NSE platform by rising as much as 1.06 per cent, 0.51 per cent, 0.50 per cent and 0.31 per cent. In contrast, Nifty Metal, Nifty Pharma and Nifty PSU Bank slipped 1.01 per cent, 1.01 per cent and 0.99 per cent, respectively.

The overall market breadth was weak as 2,360 shares were declining while 1,336 were advancing on BSE. 172 stocks stayed unchanged.