Prestige Estates: Choice Broking Predicts 17% Upside

Prestige Estates Projects shares are poised for significant gains, with Choice Broking’s Executive Director, Sumeet Bagadia, projecting an upside of up to 17%. This real estate stock exhibits a bullish technical setup, marked by robust recovery and sustained trading above crucial moving averages.

Bagadia’s analysis highlights improving momentum for Prestige Estates, making it a key stock pick for investors. The company’s shares have shown a strong rebound from lower levels, reinforcing a positive near-term outlook.

Technical Strength Indicators

• Weekly Relative Strength Index (RSI) stands at 58.05, holding above the 50 level.
• This RSI reading indicates improving buying strength in the market.
• The stock has recently consolidated near Rs 1,600, suggesting a potential base formation.
• A rising weekly trendline and the 50-week Exponential Moving Average (EMA) act as critical support levels.

The consolidation phase near Rs 1,600 could pave the way for further upward movement. This technical posture underscores the stock’s resilience and potential for future gains.

Investment Strategy & Targets

• Investors are advised to buy Prestige Estates Projects shares around Rs 1,642.
• Additional purchases are recommended on dips towards Rs 1,615.
• Bagadia sets target prices at Rs 1,810 and Rs 1,888.
• Key downside support levels include the rising weekly trendline, the 50-week EMA, and the Rs 1,520 support zone.

As of 9:45 AM on the day of publication, Prestige Estates Projects’ share price traded at Rs 1,622.30 on the BSE, marking a 0.52% increase. This performance aligns with the bullish sentiment surrounding the stock.