Stocks to watch: Prestige Estates in action as share gains 4.2% in 2 sessions with volumes; expert advises cautions, asks investors to do this

​Stocks to Watch – Prestige Estates Projects – Stocks of Prestige Estates Projects Limited were up by over 3.3 per cent on the BSE on Wednesday and were trading at Rs 300.65 at 1 pm. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, however, sounds a caveat for the investors. He gives his useful insights on this stock.

He said that the current chart pattern does not show enough strength in this stock. He said that Prestige Estates shares have been moving sideways for quite some time now. The current upward move on Wednesday was a long pending one, he added. It is still quite far from its breakout levels he said.

See Zee Business Live TV Streaming Below:

Any new position in this stock is recommended only if there is a decisive breakout from levels of Rs 325. Once this level is breached there will be an upside open till levels between Rs 350 and Rs 370. This will be a short-term target, he said. 

His recommendations were based on a technical analysis of the stock. 

He has advised caution in this stock.  

Prestige Estates Stock action today: 

-- Stock was outperforming the sector by almost 2 per cent today. 
-- Stock has been gaining for the last 2 days and has risen 4.18 per cent returns in the period   
-- Stock opened with a gain of 6.42 per cent today 
-- Volume traded has already crossed yesterday’s total volume 
 -- Prestige Estates is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages 

Some Highlights 

-- I-year return per unit of risk in this stock has been at 64.8 per cent which is better than the returns given by Sensex during this period at 53 per cent. It has been sector laggard though.  
-- Prestige Estate has a beta of 1.20 with the Sensex.  

Beta is a statistical measure of the volatility of a stock against the overall market. This information has been sourced from BSE Website.