IGI Logo

Technical Observations

* The realty index has shown resilience by retracing merely 38% (of mid Sept-Oct 35% rally) during the recent corrective phase, highlighting robust price structure. One of the preferred pick within the realty space is Prestige estate which we expect to outperform.

* The stock has generated a breakout above the falling channel containing last two weeks breather signaling resumption of up move and offers fresh entry opportunity

* The stock during current week has rebounded taking support at the rising 50 days EMA (currently placed at | 448) and the rising demand line joining lows since September 2021 signaling strength and continuation of the up move

* We expect the stock to maintain the current up move and head higher towards | 498 levels being the 80% retracement of the last two weeks breather (|522-431)

* Among the oscillators the daily stochastic has generated a buy signal moving above its three periods average thus validates positive bias.

Buy Prestige Estates Projects Ltd @ 455.00-463.00 TGT 498 SL 443

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer