Prestige Estates has target of Rs 120: Amit Harchekar

Prestige Estates Projects has target of Rs 120, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Today Prestige Estates is sustaining above 150 day moving average, which is close to Rs 94 and the way breakout has happened from a sort of inverted head and shoulder pattern that is projecting on target close to Rs 120. So I believe this rally should go on, if you are initiating long at current levels stoploss would come at almost Rs 90."

He further added, "Alok Industries has given a breakout from a sort of a rounding bottom pattern and its heading towards its 200 day moving average. The view for Alok Industries is quite positive and we expect the stock to test levels of Rs 24-25 in the near-term."