We advocate traders to buy this stock above Rs 1531 with a price target of Rs 1700 and a stop loss placed below Rs 1428, says Aditya Agarwal of Way2Wealth Brokers.
Moneycontrol Contributor
@moneycontrolcom
Aditya Agarwal
Looking at the weekly chart, PVR has been correcting in a ‘Downward Sloping Channel’ pattern since the beginning of May 2017. Subsequently, the stock formed strong base near Rs 1100 – 1060 zone and rebound sharply.
As a result, PVR broke the upper band of the channel pattern which led to a breakout. The weekly RSI (14) entered above the 60 level which supports our hypothesis.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Dec 7, 2018 11:27 am
