The short-term outlook is bullish for Prestige Estates Projects. The stock surged over 7 per cent on Thursday, indicating that the upmove has gained momentum. This rise has happened after a short consolidation between ₹590 and ₹620 for about two weeks. On the daily chart, this consolidation is in the form of a rounding pattern. All these factors strengthen the bullish case for the stock.
Prestige Estates Projects. Support is around ₹640. Prestige Estates Projects share price can rise to ₹725-730 over the next three-four weeks. Traders can go long at current levels. Accumulate on dips at ₹655. Keep the stop-loss at ₹630 initially. Trail the stop-loss up to ₹678 when the price moves up to ₹688. Move the stop-loss further up to ₹695 when the price touches ₹705. Exit the long positions at ₹725.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)