About the company:
PVR (NS: PVRL ) is India’s largest and most premium film exhibition company, and it established its first multiplex cinema in 1997 in New Delhi. The company continues to lead, focusing on innovation and operational excellence to democratize the big‑screen movie experience. The stock is trading at a discount of 10.61% from the 52-week high level. The 52-week high and 52-week low range is Rs 1,592 – Rs 961.
One-week time frame: (Fig 1)
On a weekly time frame, PVR stock has formed a Diamond Bottoms Reversal pattern. You should note that the share has consolidated for close to three months and has taken support on the 50-day EMA line. In the current week, the scrip is making an upward movement accompanied by above-average volumes. Also, the Relative Strength Index (or RSI) of more than 55 indicates positive momentum. Long-term investors may enter at current levels, and they should keep a stop loss at Rs 1,294 on a weekly closing basis.
One day time frame: (Fig 2)
On a daily time frame, you should note that PVR stock has made a Rounding Bottom formation. According to our observation, the share has a significant resistance range between Rs 1,440 and Rs 1,460. Yesterday, the scrip tried to break out of this resistance level but closed below it. However, the positive momentum on the share is supported by heavy volumes. More than 60 RSI level is another positive indicator that may result in the stock’s upward movement going ahead. Positional traders should enter once the resistance level as stated above is taken out, and the stock can stay above it. They should maintain a stop loss at Rs 1,334 on a daily closing basis.
We believe PVR stock maintains positive bias and moves higher in subsequent trading sessions. Short-term traders should take a position above Rs 1,440 and keep a strict stop-loss of Rs 1,397 on a daily closing basis.
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thanks a lot, got profitLike 1