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The short-term outlook is bullish for the stock of Prestige Estate Projects. The stock has surged over 10 per cent so far this week and is well above the 100- and 200-Day Moving Averages (DMA). The support is at ₹442-440. Dips to this support zone is likely to see fresh buyers coming into the market. The Prestige Estate Projects share price can rise to ₹495-505 over the next couple of weeks.
This rise can happen even faster if the current momentum continues. Traders can go long now, and accumulate on dips at ₹448. Keep the stop-loss at ₹435. Trail the stop-loss up to ₹466 as soon as the stock moves up to ₹473. Move the stop-loss further up to ₹478 when the price touches ₹485. Exit the longs at ₹495.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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