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The short-term outlook for the stock of PVR is bullish. The stock has risen over 2 per cent on Monday. It had surged 7.8 per cent last week. There is an important resistance coming up at ₹1,794. With the strong support above ₹1,470 since mid-January indicates a lack of fresh sellers to drag the stock below this level.
In addition, the upmove that has been in place since May 2020 low is in the form of a bull channel. Thus, it leaves the chances high for the PVR stock to breach ₹1,794, and rise further. Such a break above ₹1,794 will see the stock rising to ₹1,925-₹1,950 in the next one month.
Traders with a short-term perspective can go long at current levels and accumulate long positions on dips at ₹1,680. Keep the stop-loss at ₹1,630. Trail the stop-loss up to ₹1,760 as soon as the stock rises to ₹1,820. Move the stop-loss further up to ₹1,840 when it touches ₹1,890. Book profits at ₹1,910.
The bullish view will get negated, if the stock declines below ₹1,640 decisively. In that case, the stock of PVR can fall to ₹1,500.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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