Stock Picks - Buy Prestige Estates Projects Ltd For Target Rs.498 - ICICI Direct
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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
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