Hi All,
One of the looked up sector to invest in Indian market is the real estate sector. One of the leaders in this segment is Prestige estate. Real estate sector is on revival after almost 10-15 years in India. Fundamentally topline and bottom line is improving and will continue in time as the expectations.
Technically, the chart was in range bound move for last 2 years and now attempting a breakout on the first day of the week . This can be considered a bit early entry because the volumes say everything on charts.
Also when we look at last 5 years, we see a formation of flag and pole which is a bullish pattern.
based on Fibonacci levels and range box height the script can show levels of 650 800 first.
Once these levels are seen , we will further evaluate the company.
The risk reward is favourable where stop loss can be anywhere below 440 levels on weekly closing basis.
Note: the chart shared here is having logarithmic scale and candle is weekly time framed.
***As we have strict guidelines, the shared idea is just for learning on how to read & analyse charts and not recommendations of any sorts. Take it with pinch of salt :) ***
***If you like my analysis , then do follow me for more updates and like it so others can also benefit from this :) ****
Happy trading !