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Technical Observations

* The realty sector has undergone healthy retracement after a sharp rally in September-October. The realty stocks in the last couple of weeks has witnessed renewed buying interest as the index rebounded taking support at the 100 days EMA. Among the Realty stocks Prestige Estate in one of out preferred picks which we expect to outperform

* The share price of prestige estate is seen rebounding taking support at the rising demand line joining lows since August 2021 and the 100 days EMA which has acted as strong support since August 2020, thus offering fresh entry opportunity

* We expect the stock to head towards | 535 levels in the coming weeks being the 123.6% external retracement of the entire breather (| 522-413)

* Among the oscillators the weekly stochastic is in up trend and is seen sustaining above its three periods average thus supports the positive bias

Buy Prestige Estates Projects Ltd @ 488.00-494.00 TGT 535 SL 467.00

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