Apeejay Surrendra Park Hotels share price rebounds after profit-taking. Buy, hold or exit?

livemint.com:

Stock market today: Apeejay Surrendra Park Hotels share price today listed on BSE and NSE delivering around 20 percent return to the lucky allottees. However, the stock soon came under sell-off pressure after the profit-booking trigger.

But, Apeejay Surrendra Park Hotels shares soon attracted bulls' attention and bounced back strongly from its intraday low of ₹170.15 per share on BSE and touched a new intraday high of ₹191.70 per share. According to stock market experts, a healthy listing of Apeejay Surrendra Park Hotels shares is justified as the hospitality sector is expected to generate an alpha return in the coming years.

They advised allottees to hold the scrip and advised fresh investors to maintain buy on dips strategy and hold the scrip for the medium to long term maintaining a stop loss below ₹170 per share. Advising Apeejay Surrendra Park Hotels share allottees to hold the scrip, Prashanth Tapse, Senior VP — Research at Mehta Equities said, "We believe the healthy listing is justified on the back of reasonable valuations when compared to its peers followed by government push towards hospitality and tourism industry and its primary objective of reducing the debt which could lighten interest burdens which can improve the bottom lines in coming years.

Hence, we recommend allotted investors to “HOLD" with a long-term perspective. For non-allottees, one can accumulate more in dips post a listing and look to hold for a long term like 3-5 years time horizon." Also Read: Bharat Forge shares hit lifetime high ahead of Q3 results today.