Momentum Pick: Flag & pole pattern nearing completion, is Prestige Estates ready for next leg of rally?

Prestige Estates Project shares have gained 10% in the past six sessions, hitting Rs 537 on Wednesday. Chandan Taparia, Head of Technical & Derivatives Research at Motilal Oswal Financial Services, recommends holding Prestige as it completes a pole and flag pattern formation for a 20% upside when it reaches Rs 600-625. Sharekhan recommends a buy, estimating similar 20% growth. Prestige’s presence in the top 12 Indian markets, and aggressive expansion in the annuity portfolio is expected to generate a multi-fold increase in rental income, says the Sharekhan report.