Stock Picks - Buy Prestige Estates Projects Ltd For Target Rs. 365 - ICICI Direct
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Technical Observations
* The real estate space is witnessing a breakout above a decade long consolidation with most of the stocks forming higher peak and higher trough in all time frame.
* The share price of Prestige Estates has generated a resolute breakout above a five months consolidation range | 325-263 signalling resumption of up move and offers fresh entry opportunity.
* It is expected to continue with its positive momentum and head towards | 365 levels as it is the 161.8% external retracement of its last five months consolidation (| 325-263) placed around | 365 levels
* The stock has recently generated a breakout above a falling supply line joining highs of January 2020 (| 426) and April 2021 (|325) signalling a structural turnaround
* Among the oscillators the weekly MACD has generated a buy signal moving above its nine periods average thus validates the positive bias in the stock
Buy Prestige Estates Projects Ltd @ 330.00-337.00 TGT 365 SL 317
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