The outlook for Prestige Estates Projects is bullish. The stock’s upmove has gained momentum over the last couple of weeks. The 4.76 per cent surge on Monday, has taken the stock well above the key resistance level of ₹540. Moving Average cross over on the weekly chart also strengthens the bullish case. So, the intermediate dips will be short-lived. Fresh buyers can come in at the lower levels and limit the downside.
Prestige Estates Projects share price can rise to ₹640 in the next three-four weeks. Traders can go long at current levels and accumulate on dips at ₹545. Keep the stop-loss at ₹530. Trail the stop-loss up to ₹580 as soon as the stock moves up to ₹595. Move the stop-loss further up ₹595 when the price touches ₹610. Exit the long positions at ₹620.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)