Wins $1.4 Billion Mumbai Home Project from Bankruptcy Estimates revenues of more than 100 billion rupees ($1.4 billion) from the 7.5 million square feet under development. “This will be their largest project in Mumbai .Creditors had combined claims of about 25 billion rupees, of which Prestige offered to pay 16 billion rupees Under the resolution plan, Prestige...
Used Fibbo and recent swing low to project future price - Expect a rise to between 480- 500 from current price of 266. Stop loss will be 25% ATR of new highs. Reasons - 1) Magic number projection from long Trend line support - at 125-133% 2) No near term resistance , there can be some consolidation at 300 and 340 levels
PRESTIGE broke 200DMA level with good volume and took support at 21 EMA, however at 260-280 levels momentum may pause at either of these tow levels, as it is a GAP on daily chart. then it may continue it's uptrend.
Gave breakout on previous resistance level of 245. Now it acts as support. RR is good with 245 as sl & target of 294 & 350/-
buy PRESTIGE above 233 TGT: 244/277 SL:209
Positional view Prestige Estates Projects
GO LONG FOR PRESTIGE SHORT TERM FOR TARGET OF 220/ 235 /250 REASONS 1 EMA 10 CROSSES EMA 30 (DAY) TRENDLINE BREAKOUT OBSERVED BULLISH TREND OBSERVED 221 MAJOR RESISTANCE