With Raksha Bandhan around the corner, investors may be looking beyond traditional celebrations to identify stocks with potential upside. India will celebrate Raksha Bandhan on August 28, Friday.
Sumeet Bagadia, Executive Director at Choice Broking, has recommended Prestige Estates Projects as his stock pick for the occasion.
The real estate stock is showing a bullish technical setup, with improving momentum and key support levels strengthening its near-term outlook for investors.
Here's the stock to buy on Raksha Bandhan:
Prestige Estates Projects | Buy at Rs 1,642 | Target Price Rs 1,810 - Rs 1,888
According to Bagadia, Prestige Estates Projects shares are showing a positive technical structure on the weekly chart after a strong recovery from lower levels. The stock is sustaining above its key moving averages, while the rising weekly trendline and the 50-week EMA are acting as important support levels.
“The recent consolidation near Rs 1,600 indicates a possible base formation and could support further upside,” Bagadia said.
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He added that the momentum remains supportive, with the weekly RSI placed around 58.05 and holding above the 50 level, reflecting improving buying strength. The stock is currently trading above its key weekly moving averages, highlighting positive trend alignment.
“A sustained move above the current consolidation zone could support a continuation of the ongoing recovery towards higher levels,” added Bagadia.
He suggests traders to consider buying Prestige Estates Projects shares around Rs 1,642, with additional accumulation on dips towards Rs 1,615. He believes the stock has the potential to move towards Rs 1,810 and Rs 1,888 in the coming period. Ihe target price implies an upside potential of up to 17% from Wednesday's closing price.
“On the downside, the rising weekly trendline, the 50-week EMA, and Rs 1,520 support zone will remain important levels to watch. Holding above these supports will be crucial for maintaining the positive technical setup,” he said.
At 9:45 AM, Prestige Estates Projects share price was trading 0.52% higher at Rs 1,622.30 apiece on the BSE.
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