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.
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.