Moneycontrol
Last Updated : Nov 08, 2018 12:53 PM IST | Source: Moneycontrol.com

Buy PVR, target Rs 1630: Ashish Chaturmohta

The stock can be bought at current levels and on dips towards Rs 1,400 with a stop loss below Rs 1350 and a target of Rs 1,630 levels, says Ashish Chaturmohta of Sanctum Wealth Management.

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Ashish Chaturmohta

After hitting a high of Rs 1,655 in May last year, PVR has been in a correction mode. In the last four months, the stock has formed a double bottom on the weekly charts and is now trading at breakout levels.

The lows of the bottom were formed at 200-weekly moving average and crossed the average on the daily chart. The price has closed above the upper Bollinger band on the daily chart suggesting a trend to continue in the direction of the breakout.

MACD has given positive crossover with its average and moved above the equilibrium level on weekly chart. Thus, the stock can be bought at current levels and on dips towards Rs 1,400 with a stop loss below Rs 1350 and a target of Rs 1,630 levels.
Disclaimer: The author is Head of Technical and Derivatives at Sanctum Wealth Management. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Nov 8, 2018 12:53 pm
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