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Prestige shares have been under selloff heat after climbing to its life-time high of ₹554.90 levels on NSE. However, the stock has bottomed out and bouncing back from around ₹410 levels. According HDFC Securities, Prestige shares are in strong demand zone right now and one should add this stock in one's portfolio at around ₹425 levels for 3 months target of ₹491, around 15 per cent upside.
Highlighting the reason for being bullish on Prestige shares; HDFC Securities research report says, "Prestige share is consolidating in a wider range. After making a recent high on 18th January 2022 it started correcting and halted near ₹410 levels which also coincide with strong demand zone on weekly chart." Brokerage went on to add that on 10th March 2022 it has broken the bearish trend line on daily time frame, which suggests that it could gain bullish momentum.
"Positive Divergence is observed on MACD histogram. It also took multiple support near lower band of Bollinger band on daily chart.
On its suggestion to positional investors in regard to Prestige shares; HDFC Securities says, "Considering the technical evidences discussed above, we are now bullish on Prestige for the upside target of ₹478.50 to ₹491 apiece levels keeping a stop-loss at ₹409.50 levels."
Prestige share price history
As per Prestige share price history, this realty stock made its life-time high of ₹554.90 per share on NSE on 18th January 2022 and profit-booking immediately triggered in the stock leading to sharp decline in the scrip. Finally, it took support at ₹410 on 10th March 2022 and bounced back from the recent lows, signaling trend reversal after the hitting the lower bottom levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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