PRESTIGE trade ideas
PrestigeSymmetric triangle
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. Gokul
Market can go by up or down ,If break up then retracement can happen and go up and vice versa
Prestige Wins $1.4 Billion Mumbai Home Project from Bankruptcy
Estimates revenues of more than 100 billion rupees ($1.4 billion) from the 7.5 million square feet under development. “This will be their largest project in Mumbai .Creditors had combined claims of about 25 billion rupees, of which Prestige offered to pay 16 billion rupees Under the resolution plan, Prestige will pay 3.70 billion rupees upfront to creditors and allot them some 800,000 square feet of fully constructed area.
Prestige Estate Projects has acquired 45% stake in M/s Century Megacity and 55% stake in M/s. Century Landmark
Swing price projection for Prestige estates..Used Fibbo and recent swing low to project future price - Expect a rise to between 480- 500 from current price of 266. Stop loss will be 25% ATR of new highs.
Reasons -
1) Magic number projection from long Trend line support - at 125-133%
2) No near term resistance , there can be some consolidation at 300 and 340 levels
PRESTIGE broke 200DMA levelPRESTIGE broke 200DMA level with good volume and took support at 21 EMA, however at 260-280 levels momentum may pause at either of these tow levels, as it is a GAP on daily chart. then it may continue it's uptrend.
Prestige Target3: 350Gave breakout on previous resistance level of 245. Now it acts as support. RR is good with 245 as sl & target of 294 & 350/-
Scope of 17 % earning Positional view Prestige Estates ProjectsPositional view Prestige Estates Projects
PRESTIGE LONG GO LONG FOR PRESTIGE SHORT TERM FOR TARGET OF 220/ 235 /250
REASONS
1 EMA 10 CROSSES EMA 30 (DAY)
TRENDLINE BREAKOUT OBSERVED
BULLISH TREND OBSERVED
221 MAJOR RESISTANCE
