Prime Focus up 18% in 2 days, can gain 15% more
According to analysts, the upmove is likely to continue in the near term and the stock may rally nearly 15 per cent in coming sessions.
By ET Online | Updated:
MUMBAI: Shares of Prime Focus rallied in trade today after ET reported that Reliance Capital is looking to buy a significant minority stake in the company for anywhere between 350 crore and Rs 400 crore.
The money will be used to fund Prime Focus' acquisition of Britain's second-largest film editing studio Double Negative.
“With this transaction, some of the assets of Reliance Mediaworks will be transferred to Prime Focus,” an investment banker with knowledge of the development told ET.
The stock has gained over 18 per cent in the last two sessions. According to analysts, the upmove is likely to continue in the near term and the stock may rally nearly 15 per cent in coming sessions.
Apurva Sheth, Technical Analyst, JHP Securities
Prime Focus has formed a strong base around Rs 25 levels and has broken out of the Falling Trendline resistance drawn from the July 2011 Highs.
The stock is currently in a sharp uptrend and thus traders holding long positions should continue with it by keep a trailing stop at Rs 50 for a target of Rs 63.
Chandan Taparia, Derivative Analyst, Anand Rathi
The stock has seen strong move in the last three months from Rs 25 to Rs 55 levels. It has been making higher-top, higher-bottom formation on weekly chart and showing strength with the broader market momentum.
It has seen strong move with rising trading volumes in the last two weeks.
Although the stock has run-up so much in the last few months, as long as it holds above Rs 48, strength may remain intact.
On upside, it has hurdle at around Rs 60 and if it crosses it then next levels to watch will be Rs 75-80 levels.
Ashwani Gujral, Fund Manager, ashwanigujral.com
Buy Prime Focus with a stoploss of Rs 50 for target of Rs 64
At 01:25 p.m.; the stock was at Rs 55, up 0.36 per cent, on the BSE. It touched a high of Rs 58.35 and a low of Rs 54 in trade today.
The money will be used to fund Prime Focus' acquisition of Britain's second-largest film editing studio Double Negative.
“With this transaction, some of the assets of Reliance Mediaworks will be transferred to Prime Focus,” an investment banker with knowledge of the development told ET.
The stock has gained over 18 per cent in the last two sessions. According to analysts, the upmove is likely to continue in the near term and the stock may rally nearly 15 per cent in coming sessions.
Apurva Sheth, Technical Analyst, JHP Securities
Prime Focus has formed a strong base around Rs 25 levels and has broken out of the Falling Trendline resistance drawn from the July 2011 Highs.
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The stock is currently in a sharp uptrend and thus traders holding long positions should continue with it by keep a trailing stop at Rs 50 for a target of Rs 63.
Chandan Taparia, Derivative Analyst, Anand Rathi
The stock has seen strong move in the last three months from Rs 25 to Rs 55 levels. It has been making higher-top, higher-bottom formation on weekly chart and showing strength with the broader market momentum.
It has seen strong move with rising trading volumes in the last two weeks.
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Although the stock has run-up so much in the last few months, as long as it holds above Rs 48, strength may remain intact.
On upside, it has hurdle at around Rs 60 and if it crosses it then next levels to watch will be Rs 75-80 levels.
ADVERTISEMENT
Ashwani Gujral, Fund Manager, ashwanigujral.com
Buy Prime Focus with a stoploss of Rs 50 for target of Rs 64
At 01:25 p.m.; the stock was at Rs 55, up 0.36 per cent, on the BSE. It touched a high of Rs 58.35 and a low of Rs 54 in trade today.
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