4 Week Focus : Phoenix Mills Ltd For Target Rs.1992 by Motilal Oswal Wealth Management
Phoenix Mills Ltd
Buy Phoenix Mills Ltd CMP 1757 SL 1640 TARGET 1992 Risk : 6% Reward : 12%
* The stock is trading in a rising channel and is forming a ‘Higher Top Higher Bottom’ structure. This price action hints at an uptrend in the stock.
* In last few weeks, the stock has been a relative outperformer to its peers within the Realty space and prices have taken support near its 50 DEMA and have resumed the uptrend.
* On the monthly charts, prices have formed a ‘Bullish Pennant’ pattern and prices are hinting at a breakout and a resumption of the long term uptrend after one year of consolidation.
* We advise traders to buy the stock at CMP Rs. 1757 with stop loss below Rs. 1640 for potential target around Rs. 1992 in 4 weeks.
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