Sumeet Bagadia, Executive Director at Choice Broking, has recommended Prestige Estates Projects as his stock pick for the upcoming Raksha Bandhan celebration. According to Bagadia's analysis, the real estate stock is showing a bullish technical setup with improving momentum and key support levels strengthening its near-term outlook for investors. The stock is currently trading at ₹1,614.10 on the BSE, ending broadly flat after the closing bell on August 27. Bagadia notes that the stock has remained largely positive despite weak market sentiments, gaining over 2% in a week and 0.62% on year-to-date basis. The stock has reached near Bagadia's recommended dip level of ₹1,615, making it an attractive accumulation opportunity.
Bagadia suggests buying Prestige Estates Projects shares around ₹1,642 with additional accumulation on dips towards ₹1,615. The target price range of ₹1,810 to ₹1,888 implies an upside potential of up to 17% from Wednesday's closing price. He believes the stock has the potential to move towards these higher levels in the coming period. On the downside, the rising weekly trendline, the 50-week EMA, and ₹1,520 support zone will remain important levels to watch. Holding above these supports will be crucial for maintaining the positive technical setup. The stock has delivered impressive multibagger returns of 184.47% in three years and 359% in five years, though recent performance shows marginal gains of 2% in one year and 1% year-to-date.
According to Bagadia's analysis, 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 weekly RSI placed around 58.05 and holding above the 50 level, reflecting improving buying strength. The recent consolidation near ₹1,600 indicates a possible base formation and could support further upside movement. The stock is currently trading above its key weekly moving averages, highlighting positive trend alignment. A sustained breakout above the current consolidation range could further strengthen the recovery and open the door for an upward move towards higher levels.
The recommendation comes as India prepares to celebrate Raksha Bandhan on August 28, Friday, with the Indian stock market open for trading. Bagadia emphasizes that a sustained move above the current consolidation zone could support a continuation of the ongoing recovery towards higher levels. The consensus recommendation from 22 analysts for Prestige Estates Projects is STRONG BUY, with 16 analysts suggesting STRONG BUY and 4 recommending BUY. Only one analyst each has suggested HOLD or SELL. The consensus target for Prestige is ₹1,892.14 for a 12-month period, suggesting nearly 17% upside potential. Analysts at Axis Direct maintain a BUY rating with target price of ₹1,805/share, citing the company's constructive outlook and confidence in achieving 15-20% pre-sales growth despite Q1 delays.
