Technical Analysis

Prestige Estates Projects (₹332)

Yoganand D BL Rsearch Bureau | Updated on February 26, 2018 Published on February 26, 2018

The stock of Prestige Estates Projects surged 5 per cent with above average volume on Monday, breaching a key immediate resistance at ₹325. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels. The stock has been in a long-term uptrend since taking support at ₹141 in November 2016. Within this uptrend, the stock has been in a sideways consolidation phase in the band between ₹280 and ₹355 since December 2017.

Taking support from the lower boundary at ₹280 in late January, the stock started to move up. While trending up, the stock surpassed its 21- and 50-day moving averages and trades well above those levels. The daily relative strength index is on the brink of entering the bullish zone from the neutral region, and likewise, the weekly RSI is about to enter this bullish zone. Both the daily and weekly price rate of change indicators feature in the positive territory, implying buying interest.

The short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹346 and ₹352 in the coming trading sessions. Buy with a stop-loss at ₹325.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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