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Investors with a short term view can Prestige Estates Projects at current levels. The stock has been in a medium-term uptrend since it took support in the band between ₹135 and ₹145 in late May this year. In early August, the stock had decisively breached a key resistance at ₹200 and continued to trend northwards. But it had met with a vital resistance at ₹250 late August and was on a minor corrective move. On Monday, the stock jumped 9 per cent accompanied by above average volume surpassing the key resistance at ₹250. Moreover, the stock has conclusively breached its 21- and 200-day moving averages and this has strengthened the bullish momentum.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region. Besides, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. It can continue to trend northwards to reach the price targets of ₹275 and ₹280 levels in the coming trading sessions. Traders can buy the stock with a stop-loss at ₹259.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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